Owner uprising brings down Sundström

On Tuesday morning nine major owners of Swedbank were summoned to a meeting by the nomination committee to try and unite the ownership on the issue of Anders Sundström remaining as chairman in view of the AGM next week. However the meeting ended in an uprising as several institutions declared that they did not intend to support the re-election of Anders Sundström. To avoid a chaotic AGM the committee were forced to call Sundström and inform him that he had been fired.

According to information DI has, it is the handling of CEO Michael Wolf’s resignation and private property deals involving several directors, which is behind the action.

Anders Sundström says, “I ought to have started the process of recruiting a new CEO earlier. The other thing is that we ought to have understood earlier what Dagens Industri highlighted in these property deals.”