Olaug Svarva, the CEO of the $27 billion Government Pension Fund of Norway, also known as Folketrygdfondet, announced her resignation Tuesday.
After nearly 12 years with the fund, she will leave her position on February 1, 2018.
“I now wish to seek new opportunities and contribute to the development of Norwegian business life in other ways,” Svarva told Reuters.
While the board is sad to see her go, it respected Svarva’s decision and praised her accomplishments achieved during her tenure.
“It’s good results, whether you look at the excess return, ownership exercise, or the trust she enjoys in the marketplace and with our clients,” Chairman Siri Teigum told Dagens Næringsliv. “We have a good mandate from missionaries, we have solid results, trust in the market, and a good organization, so Olaug has given up the relay pin in the best way we could think it could be done.”
The Folketrygdfondet board will now begin recruiting a new CEO. In Svarva’s absence, Deputy Managing Director Lars Tronsgaard will serve as interim CEO.