Economics
CEO of Norway’s $1 Trillion Wealth Fund to Resign After 12 Years at Helm
- Head of Norway fund steps down after hitting record valuation
- Slyngstad stays on to build renewable infrastructure portfolio
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The chief executive officer of Norway’s sovereign wealth fund, Yngve Slyngstad, is stepping down after spending the past 12 years building a $1.1 trillion behemoth.
The 56-year-old said he made the decision after the fund hit 10 trillion kroner last week, 50 years after Norway first discovered the oil that helped build the nation’s vast wealth. Slyngstad also acknowledged that he had been considering stepping back for roughly a year. He will now stay on until a successor is found in 2020, at the earliest.