STOCKHOLM, Sweden, April 16, 2003 (PRIMEZONE) -- At the statutory meeting of Skandia's (Other OTC:SKNFF) (LSE:SDIAq) Board of Directors on April 15, 2003, in accordance with the recommendation of the Nominating Committee, Bengt Braun was elected as the new chairman of Skandia's Board. The Board also made the following decisions:
Leif Victorin has been appointed as acting CEO beginning April 16, 2003. He will take over for Lars-Eric Petersson, who will leave the company and its board.
"Leif Victorin left Skandia in 1997 after many successful years in the company. In his role as Executive Vice President of the company he has been, among other positions, head of the Nordic insurance operations, CEO of Skandia Liv and Chairman of Skandia International. His knowledge and experience make him an outstanding choice. The job of finding a new CEO will begin immediately," says Bengt Braun.
Project teams have been assigned to examine strategic alternatives, reporting, compensation, ethics as well as communication and information.
"It is important that these basic questions are addressed in consultation with the Board. Skandia's customers, shareholders and other interested parties must have confidence in what we do, why we do it and how we do it," says Braun.
Attorney Otto Rydbeck, in cooperation with authorized public accountant Goran Tidstrom, has been appointed to examine transactions between Skandia and Skandia Liv. In addition, their investigation will include an examination of the principles of embedded value and also principles, practices, and decision-making processes in regard to compensation of company executives and board members.
Press and analysts are invited to an informational meeting today, Wednesday, April 16, 2003 at 10:00 a.m. Place: Skandia, Sveavagen 44 in Stockholm
For further information, please contact:
Odd Eiken, Communications and Strategy, Skandia, tel. +46-8-788 25 00 Gunilla Svensson, Press Secretary, Skandia, tel. +46-70- 57 57 57 8
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