Corporate Governance in Modern Financial Capitalism
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Corporate Governance in Modern Financial Capitalism

Old Mutual’s Hostile Takeover of Skandia

Markus Kallifatides, Sophie Nachemson-Ekwall and Sven-Erik Sjöstrand

This insightful book focuses upon corporate governance processes, and explores the conditions required for effective corporate governance and control in 21st century globalized and financialized economies. In presenting a comprehensive study of a cross-border hostile corporate take-over process, describing the actors, institutions and events involved, this book examines and questions the current forms of corporate governance and control – both from a national and a global perspective. Using Old Mutual’s takeover of Skandia as a case study, the authors address corporate governance theory, and highlight its two fundamental dimensions: financial and operational flows.
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Chapter 6: A New CEO, Board and Shareholder Composition

Markus Kallifatides, Sophie Nachemson-Ekwall and Sven-Erik Sjöstrand


A NEW CEO: HANS-ERIK ANDERSSON Hans-Erik Andersson was introduced as the new CEO of Skandia on 14 November 2003. Incumbent chair Bengt Braun and CEO Leif Victorin had put forward his name. A headhunter had approached Andersson in early June; however, due to the Sampo talks, the process had dragged on. Andersson had pursued two years of studies in statistics, law, economics and business at Stockholm University. In the early 1990s, he had worked with Skandia’s international reinsurance, following which he obtained a position with the UK reinsurance company Mercantile & General,1 where he remained for five years, restructuring the business until it was sold to Swiss Re2 in 1996. A year later, Skandia’s new CEO Lars-Eric Petersson asked Andersson to return and take care of its P&C business. In 1999, that business was merged with Storebrand P&C, thus creating If P&C.3 Chair Braun thought that Andersson’s time at Mercantile & General had provided him with valuable experience that he could bring to Skandia, since dealing with the UK management at Skandia Life UK would be an important part of the job. In 2003, Andersson worked for the US insurance broker Marsh & McLennan, where he had run its Nordic operations for a few years from an office not far from Skandia’s HQ on Sveavägen in Stockholm. Andersson was not particularly well known in the Swedish business community at the time. The new CEO Hans-Erik Andersson made his first public comment regarding Skandia in a press release issued...

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