Skandia chairman quits

The chairman of Swedish insurance giant Skandia, Bernt Magnusson, is to leave his post. The company announced on Friday that Magnusson's replacement will be Lennart Jeansson.

“It is not right for me to continue to lead the work of the board when the board is not united on an important and central decision,” said Magnusson.

“Now that the board has decided to reject the bid for the company, it is natural and best for Skandia that I hand over the chairmanship to someone who shares the view of the majority and who can in all respects represent the company.”

Lennart Jeansson said that he respected Bernt Magnusson’s decision.

“The board wil now continue to work to develop Skandia,” he said.

“In the end it is Skandia’s shareholders who decide the composition of the board, the company’s direction and place of business.”

Skandia is the subject of a takeover offer by British-South African insurance company Old Mutual. But the board, and almost 10% of the shareholders, have already rejected the bid.