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(Sharecast News) - Investment firm Aberdeen Group said on Wednesday that Torbjörn Magnusson had joined the board as a nonexecutive director and chairdesignate, with his formal appointment as chair to follow once regulatory approvals are secured.
Aberdeen said Magnusson previously chaired Nordea Bank between 2019 and 2022 and later served as deputy chair, representing Sampo during a period of major strategic change. He has also chaired Hastings Group and Topdanmark, and currently sits on the board of global specialty reinsurer Canopius.
During his executive career, Magnusson spent nearly six years as chief executive and president of Sampo, developing the business into one of the Nordic region's largest financial services groups and overseeing its £1.7bn acquisition of Hastings.
His appointment comes as Aberdeen prepares for the departure of Douglas Flint, who will stand down as chair by the 2026 AGM. Jonathan Asquith has been serving as interim chair and will remain in post until Magnusson formally takes over.
Asquith said: "We are delighted to have Torbjörn joining the board as non-executive director and chair-designate. He is a highly regarded and versatile international business leader who brings more than 30 years of leadership experience spanning a breadth of CEO, non-executive director, and chair roles across large financial services businesses.
"Torbjörn has a particularly strong track record of delivering growth and creating shareholder value over many years in businesses serving personal and corporate customers. He knows the opportunities and challenges emerging from the fast-changing dynamics of the financial services industry. He also understands the complex stakeholder environment of running a modern listed company and has direct experience of working in the UK regulatory framework."
As of 1000 BST, Aberdeen shares were up 2.02% at 252.60p.
Reporting by Iain Gilbert at Sharecast.com
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