Michael Nielsen, CEO of Danish property company ATP Real Estate, is stepping down and will be replaced by ATP's CFO, Martin Vang Hansen, the company has announced.
ATP said in a statement that 'the decision was made to make way for a fresh pair of hands to take charge of the transformation initiated by ATP’s CIO, Kasper Ahrndt Lorenzen'.
'Michael Nielsen has done a fantastic job at ATP Real Estate. He has developed our real estate portfolio so that it now stands at approx. DKK 50 bn (€6.7 bn) and created solid returns for the benefit of Danish pensioners,' said Lorenzen. Nielsen is due to remain at ATP, although the company said that 'his exact role has yet to be defined'.
'One of the industry greats is stepping down today – so I have some big shoes to fill,' said Hansen (pictured). 'I’m grateful for the trust shown in me by ATP, and I’ll do my utmost – together with the competent employees – to live up to the expectations.'
The CEO shuffle is effective as of today and ATP said Nielsen would be handing over his assignments until the turn of the year.