Danish pension company Velliv has parted ways with its CEO, Steen Michael Erichsen, over a private investment that did not meet the company’s guidelines.

Erichsen had been CEO for 15 years and his resignation was made in mutual agreement with Velliv’s board.

The agreement was made as the board was of the opinion that Erichsen had “made a disposition in relation to his private savings which is not compatible with the position”.

The pension company has not gone into further detail as to the exact nature of the private investment.

Velliv chief commercial officer, Morten Møller, will fulfil the role of acting CEO until a replacement is found.

Commenting on the announcement, Velliv board chair, Anne Broeng, said: "It is with regret that we have to say goodbye to Steen Michael Erichsen.

“In his 15 years as CEO, Steen Michael has helped drive colossal development.

“Velliv has thus been named pension company of the year four times in five years - i.e. by virtue of high growth, low costs and good long-term returns.

“We acknowledge the great effort and wish Steen Michael Erichsen the best in the future.”

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