The Chief Executive Officer of Norway’s sovereign wealth fund, Yngve Slyngstad announced Wednesday that he will step down from his role after 12 years.
Slyngstad informed Norges Bank’s Executive Board, the fund management company, that he would resign as CEO of Norges Bank Investment Management (NBIM), although he will remain in his position until a new CEO is appointed.
"It is an important milestone that the fund’s market value passed 10 trillion kroner on 25 October. I am proud of having been part of building up a leading international investment organization with talented and professional employees. We have delivered good returns for the best of our nation," Slyngstad said.
"Over these 12 years, the fund has delivered very good results and the fund has achieved a strong position internationally and in Norway. Slyngstad has been a distinct leader of NBIM and developed a leading and global investment organization," said Oystein Olsen, chair of the executive board.
After a new CEO has been appointed, Slyngstad will continue to work for the fund, but will focus on building up unlisted renewable energy infrastructure into a new investment area.
By Murat Temizer