AP6 chief Dicander Alexandersson steps down after less than year on job

SWEDEN - Marianne Dicander Alexandersson has stepped down as chief executive at AP6 - one of Sweden's national buffer funds, with a focus on private equity - after less than a year on the job.

According to a source close to the situation who wished to remain anonymous, Alexandersson resigned over a disagreement with the board over the fund's strategy.

However, Ulf Lindqvist, head of corporate communications, denied that Alexandersson's decision had been due to a disagreement and said the board had been happy with her performance to date.

The past year has been one of many changes at AP6. Over the last 12 months, Alexandersson and the new board - headed by Ebba Lindsö - have overseen the implementation of a new investment strategy and financial targets, the launch of a major recruitment drive and the establishment of a new management group.

It has also been the subject of a major government review.

Parts of the portfolio have suffered write-downs, and a number of riskier assets have been offloaded. In September 2011, the fund wrote down the value of its unlisted investments by SEK1.5bn (€164m) following a review of its holdings.

Alexandersson is set to join Global Health Partner, a listed healthcare company. She has spent much of her working life employed in the pharmaceuticals sector and was serving as vice-president of retailer Apoteket before she joined AP6.

Alexandersson confirmed last week that she had been approached in January about the new role. She agreed to join AP6 in November 2010 and started in her new role in April 2011.

At the time of her hire, the Swedish government had openly criticised AP6's performance, saying that its returns, while explicable, were still unsatisfactory.

The recruitment process for a new chief executive is underway, although AP6 said Alexandersson would remain in her role for some time.