In the end, it was not only SCA Hank used as a reason to dismiss Anders Nyren but also his failure as CEO of Industrivärden, experience SvD Business who can now map the game behind Monday’s dramatic exit. Consequently, Fredrik Lundberg connects a strong grip on Industrivärden Sphere.
Anders Nyrén, who after his election in Ericsson recently postponed as the most powerful person in the board-Sweden, thus becomes yet another heavyweight who falls in wake of scandal about SCA and Industrivärden Sphere. Previously, Sverker Martin-Löf, which until now had more heavy board seats, forcibly removed. Same thing with SCA’s CEO Jan Johansson, SCA’s second top manager Mats Berencreutz.
The situation for Anders Nyren has become increasingly untenable. In SCA, he had a heavy responsibility as Chairman of the Audit Committee where he accepted Sverker Martin-Löf criticized airfare. In a unique manifestation of SCA’s meeting on April 15 voted ten Swedish asset managers against his re-election to SCA’s Board of Directors.
“According to Anders Nyrén is nothing wrong with the culture Industrivärden and SCA, but the “perception” of the culture. “
The criticism from the rostrum was fierce and the message is clear: confidence Anders Nyrén was zero. In contrast, chose them to provide Anders Nyren discharge.
According to Svenska Dagbladet Enterprise’s sources was the discussions intense, and afterwards there was some, including the Third National Pension Fund Peter Lundqvist, who regretted not availed even that opportunity. It turned out that Anders Nyrén did not take any impressions of the massive resistance.
When asked how he could be left with such a weak mandate replied Anders Nyren a reporter: “I do not know if I have so weak mandate. “He had just been elected to the board especially thanks to great owner, Industrivärden, of which he is president, voted for him.
According to Anders Nyren is no failure of culture in Industrivärden and SCA, but the “perception” of the culture.
Anders Nyrén has long been on a collision course with the institutional owners by flaunting their observations in a number of important issues. After SCA’s voice counted managers, reportedly told SvD Enterprise, with Anders Nyren would conclude that he could not act as either a member of the SCA or the Chairman of Industrivärden. The resistance from the capital market reached at the meeting, a level never seen before.
The conclusion, however, preferred do not Anders Nyrén. If he had been denied discharge it would have been easier to justify a fast travel pass from Swedish industry. Now it was a more prolonged course.
While fighting with institutional owners, the conflict between Anders Nyrén and Handelsbanken and SCA’s new chairman Pär Boman has grown ever larger. Although they both kept a good face outward, the production has become so obvious that it was no longer possible to hide.
First thanked Pär Boman no to the annual salary of 11 million SEK for two years Anders Nyren offered him at Handelsbanken. And when Pär Boman after the two audit reports of SCA went out and said it needed additional investigations saw both Sverker Martin-Löf, Anders Nyrén and several others in the realm red. Suddenly there was altercation with the curtain, previously unthinkable in the sphere.
As Handelsbanken’s President-elect is Pär Boman a heavy power factor of Industrivärden. Bank with related foundations owns about 35 percent of the vote. In addition, SCA, where Boman also taken over as chairman, control over an additional 17 percent.
This intricate cross-ownership, that enabled a few officials have been able to control the entire Industrivärden Sphere, kept the Anders nyrén of SCA’s Board of Directors. But by Pär Boman now taken over Anders Nyréns post as chairman of Handelsbanken and Sverker Martin-Löf’s chairmanship in SCA is the voice of the gun turned in another direction before the Industry’s Meeting May 6 In addition, Fredrik Lundberg has more than 21 percent of the votes in Industrivärden.
For more unknown but important, Wallander and Hedelius Foundation 9 percent, which is usually included in the Handelsbanken camp but where Tom Hedelius, former CEO of the Bank and Chairman of Industrivärden, is the key person.
Both Fredrik Lundberg and Tom Hedelius shall, according to SvD Enterprise’s sources, have been reluctant to move on Anders Nyrén. SCA Hank has done that Fredrik Lundberg be able to advance their position of power heavily in Industrivärden Sphere. By contrast, he does not himself hold the ax and appear as a coup plotters. He would rather bide his time, and is also keen to stay on good terms with, for example, Tom Hedelius. The balance of power has been sacred since Fredrik Lundberg started to buy into the new major shareholder of Industrivärden.
Anders Nyrén has also had support from other camps, according to SvD Enterprise sources. One was Wallenberg sphere, great owners with Industrivärden in Ericsson. Wallenberg will, among other things, be keen not to upset the balance of power spheres had in telecom giant.
Lobby firm JKL, that acted as advisor to both SCA and Industrivärden throughout the crisis, was also very active to retain Anders Nyrén, according to SvD Enterprise sources.
But besides the central position of the SCA harness, and the long decay in relations with institutional owners, so Anders Nyren fallen increasingly under fire for performance in other companies. He is in charge of investment in Volvo and the recruitment of the company’s CEO Olof Persson, who the other day was fired. As President of Sandvik Anders Nyren also a problem, as well as a very weak confidence in the organization. Both Sandvik and Volvo have Anders Nyréns time evolved considerably worse than competitors such as Atlas Copco and Scania.
The solution was finally that rather than poking Anders Nyrén as the new Chairman of Industrivärden give him fired as CEO of Industrivärden. Thus also chaired the issue resolved. Choosing a recently fired CEO as chairman is impossible.
This finally got the support of both Fredrik Lundberg and Tom Hedelius. But not without a fight. Industry’s outgoing chairman, Sverker Martin-Löf utilized reportedly his last remaining position of power to reserve against the decision – quite unique in this context. Boel Flodgren and Stuart Graham, who would still leave the Company’s board at the meeting defects in protest, just days ahead of schedule.
Anders Nyren forced is also under pressure to leave their seats on the board of SCA and Handelsbanken with immediate effect and to seek re-election in Sandvik.
In contrast, he sits there on the boards of Ericsson and Volvo, where he has recently been elected, although he thus lacks support from Industrivärden.
Fredrik Lundberg becomes new chairman of Industrivärden and strengthens its hold on the sphere. To the Board of Industrivärden are now selected Lars Pettersson, former president of Sandvik. An ironic dispute is that he was fired as CEO of precisely Anders Nyrén. He was then taken in by Fredrik Lundberg as a member of Lundbergföretagen.
No comments:
Post a Comment