STOCKHOLM, Sweden, Feb. 8, 2002 (PRIMEZONE) -- The Board of Directors of If P&C Insurance Holding AB has today accepted Bo Ingemarson's resignation from his position as President and CEO of If.
The Board has at the same time appointed Torbjorn Magnusson, aged 38, as new President and CEO with immediate effect. Torbjorn Magnusson is currently head of business area Small and Medium-sized enterprises within If.
Completion of the merger between If and Sampo P&C took place on January 2, 2002. At the same time, a new Board of Directors was appointed. It is now paramount for the board to take the strategic actions required to improve the profitability of the business. Furthermore, an efficient and smooth integration between the Scandinavian and Finnish businesses will be given high priority.
"I have lately had a dialouge with the board. We have come the conclusion that I will resign from my position as CEO and President of If," says Bo Ingemarson.
The board emphasises that Bo Ingemarson has had a driving roll in the creation of the leading P&C Insurance company in the Nordic area. He has built a solid foundation for the future development of the company.
"I am very pleased that we can announce a new President and CEO of If already today. Torbjorn Magnusson has a very solid background in insurance, with several key positions within If as well as elsewhere in Swedish and international insurance business. I have come to know Torbjorn Magnusson as a very dynamic and focused person with a proven ability to accomplish change. His personal skills makes him well suited to realise the full potential of the new, leading If," says Kari Stadigh, chairman of If.
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