Reima Rytsölä, who has been chief investment officer at Finnish pensions giant Varma for the last eight years, is leaving in October to become chief executive officer of Finnish state-owned holding company Solidum, according to announcements this morning.
Varma, one of the two largest pension insurance companies in Finland’s earnings-related pension system alongside Ilmarinen, said this morning that Rytsölä, deputy CEO, investments, is resigning to work for another employer, having worked at the €59.0bn pensions firm since 2014 – until last year as CIO.
Separately, Solidum – which is a major shareholder in 12 listed companies and had net assets of €8.3bn at end of 2021 – announced that Rytsölä had been appointed as its new CEO, and would start in his new position as soon as possible, but no later than 1 October 2022.
Antti Mäkinen, Solidum’s CEO since 2017, is leaving the role on 31 May, the company said, and would be replaced temporarily from 1 June by general counsel Ulla Palmunen, until Rytsölä took up the top job.
Rytsölä said: “I would like to thank Varma and, above all, all my colleagues at Varma for the great eight years during which we have been able to take the story of Finland’s most solvent and efficient pension company forward.”
As for his new job, Rytsölä said: ”The position has significant value for Finnish society and I welcome it with enthusiasm and a humble mind.”
Harri Sailas, chair of Solidum, said Rytsölä had long and versatile experience from the financial sector – recently, particularly in demanding investment management positions.
“He has excellent knowledge of Solidium’s operational field and fulfils all the criteria that Solidium’s board has outlined for the position,” Sailas said.
Varma said it would start searching for someone to replace Rytsölä immediately.
Before working at Varma, Rytsölä held various management positions at Pohjola Bank.