After 12 years as CEO and 22 years in total at AP7, Richard Gröttheim has announced that he will be standing down next year. The board is now starting the process of recruiting a new CEO.
When the Seventh AP Fund (AP7) began operations in 2000, it managed SEK 15 billion and Richard Gröttheim was deputy CEO. Ten years later, he took over as CEO.
– It has been a fantastic journey for which I am very grateful. The premium pension default alternative is a cornerstone of the Swedish pension system and I had the opportunity to develop it together with fantastic colleagues. The time is right to bring my operational career to a close and to hand over the baton to my successor, says Richard Gröttheim, CEO of AP7.
When AP7 Såfa replaced Premiesparfonden in 2010, 2.6 million savers with SEK 90 billion were transferred to a new default alternative with large equity exposure, where investment risk is gradually scaled back as the saver nears retirement. Since then, the fund has grown considerably. At the end of 2021, AP7 managed SEK 970 billion for more than 5 million premium pension savers. Since the fund’s start in 2000, savers have received an average return of 11.6 percent per year.
– The board would have liked to see Richard Gröttheim stay for a couple more years, but fully understands that he wants to devote himself to other activities after a long and dedicated service. The financial result has been outstanding, the organization is highly competent and the sustainability work has been exemplary, says Per Frennberg, chairman of the board of AP7.
The board is now starting a recruitment process with immediate effect. Richard Gröttheim remains CEO until the process is complete.
For further information contact:
Richard Gröttheim, CEO, 070-2266002
Per Frennberg, chairman of the board, 070–7974806