• Atmospheric CO2 /Parts per Million /Annual Averages /Data Source: noaa.gov

  • 1980338.91ppm

  • 1981340.11ppm

  • 1982340.86ppm

  • 1983342.53ppm

  • 1984344.07ppm

  • 1985345.54ppm

  • 1986346.97ppm

  • 1987348.68ppm

  • 1988351.16ppm

  • 1989352.78ppm

  • 1990354.05ppm

  • 1991355.39ppm

  • 1992356.1ppm

  • 1993356.83ppm

  • 1994358.33ppm

  • 1995360.18ppm

  • 1996361.93ppm

  • 1997363.04ppm

  • 1998365.7ppm

  • 1999367.8ppm

  • 2000368.97ppm

  • 2001370.57ppm

  • 2002372.59ppm

  • 2003375.14ppm

  • 2004376.96ppm

  • 2005378.97ppm

  • 2006381.13ppm

  • 2007382.9ppm

  • 2008385.01ppm

  • 2009386.5ppm

  • 2010388.76ppm

  • 2011390.63ppm

  • 2012392.65ppm

  • 2013395.39ppm

  • 2014397.34ppm

  • 2015399.65ppm

  • 2016403.09ppm

  • 2017405.22ppm

  • 2018407.62ppm

  • 2019410.07ppm

  • 2020412.44ppm

  • 2021414.72ppm

  • 2022418.56ppm

  • 2023421.08ppm

Heading for the exit: Alecta CEO Magnus Billing
Briefs

Alecta fires CEO with immediate effect after $2bn SVB loss

The bloodbath caused by the collapse of the Silicon Valley Bank is far from over, with its latest casualty being the chief of Swedish pension giant Alecta.

The company has sacked CEO Magnus Billing with immediate effect as the fallout from the losses caused by the downfall of SVB deepens.

Deputy CEO Katarina Thorslund will take over from today while the pension fund starts searching for a new CEO.

Last month, Alecta admitted it had lost close to $2bn after the collapse of the Silicon Valley Bank and the Signature financial institutions.

The news that the £100 billion pension manager had invested billions in both institutions sent shockwaves through Scandinavia's pension and investment sector.


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The firm rushed to reassure its members.

“Alecta’s financial position remains very strong and solvency, i.e. the relationship between assets and future liabilities, is high, 203% as of March 10, 2023, after the value of Silicon Valley Bank and Signature Bank is set to zero," the company said in a statement.

bxs-quote-alt-left

Obviously what’s happened, we think that it’s a big failure for us as an investor.

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Now former CEO Magnus Billing

However, the unprecedented losses "severely damaged the trust" in Alecta's asset management and "new leadership is needed to re-establish that trust," the pension explained in a statement.

“Obviously with what’s happened, we think that it’s a big failure for us as an investor,” Billing admitted last month.

“We need to learn something from that and take actions based upon the lessons learned," he added.

Holdings

Alecta reportedly started acquiring shares in the Silicon Valley Bank's parent company, SVB Financial, as well as Signature Bank as early as 2017.

The firm continued to increase its stake, becoming SVB Financial's fourth-largest shareholder by the end of last year.

At the end of December, Alecta was reportedly also the sixth-largest shareholder in Signature Bank, which collapsed earlier this week, and the fifth-largest shareholder of First Republic Bank, which saw its stock nosedive by a staggering 70 per cent in recent days.


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