Finnish finance veteran, Sampo chair Wahlroos to step down

div classBodysc17zpet90 cdBBJodivpHELSINKI Reuters – The chairman of Finnish insurer Sampo Bjorn Wahlroos, a veteran of the Nordic countrys financial industry, said on Wednesday he would step down in 2023.p

p“I will today announce that I will no longer stand for reelection next year,” he told a conference call after Sampos annual shareholder meeting. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pWahlroos, who turns 70 later this year, said he would also step down as chairman of Finnish forestry group UPM Kymmene next year.p

pSampo told the market that the Norwaybased holding company Becasse, which is owned by Wahlroos, had sold 900,000 Sampo shares.p

p“Ive been transferring assets to my children and I have preferred to transfer the most longterm assets in the portfolio, which typically would be the Sampo shares,” he said, adding that his holding company would stay overweight in Sampo even after his retirement.p

pWahlroos, who was previously chairman of the Nordic regions largest lender Nordeas, said other reasons for the large transactions included restructuring his family business on private equity and private debt investments.p

pFollowing the transactions, Wahlroos said his family held about 3.7 million Sampo shares, or a roughly 0.7 stake.p

Reporting by Anne Kauranen Editing by Louise Heavens and Edmund Blairp

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