Sweden’s Seventh AP Fund (AP7) has announced that Pål Bergström will become its new chief executive officer (CEO).

Bergström will take up the position no later than 1 July 2023.

He will take over from current CEO, Richard Gröttheim, who will remain as CEO until Bergström takes over the role.

Bergström is currently head of large companies and institutions at Swedbank.

He has previously held several positions at Svenska Handelsbanken, was head of the financial markets department at the Ministry of Finance, and was deputy chief economist at the National Debt Office.

Bergström has a PhD in economics from Uppsala University.

In September 2022, AP7 announced that Gröttheim would be leaving his role as CEO in 2023.

He has been AP7 CEO for 12 years and has been working for the pension fund for 22 years.

Commenting on Bergström’s appointment, AP7 board chairman, Per Frennberg, said: "We are very happy to have recruited Pål Bergström to AP7.

“He is a proven good leader with analytical sharpness and broad experience from both private and state operations in the Swedish capital market.

“Together with all talented employees, he will be able to continue the development of the business to the benefit of the fund's savers.”

AP7 CEO-elect, Pål Bergström, added: "I feel honoured by the trust to take responsibility for a central institution in the Swedish pension system.

“For many years, I have been able to follow the business in various positions and have great respect for the results achieved in terms of both asset management and sustainability work.

“It will be a true joy to be able to take that legacy on."

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