Björn Wahlroos
Encyclopedia
Björn Arne Christer Wahlroos (born October 10, 1952 in Helsinki
) is the Chairman of the Board in Sampo Group, Nordea
and UPM-Kymmene. Wahlroos’s nickname is "Nalle", which means "teddy bear
" in Finnish
and Swedish
.
in 1971 Björn Wahlroos studied at the Hanken School of Economics in Helsinki
. He graduated as a M.Sc in 1975 and got his D.Sc in 1979. The following years were spent in academia; as an acting professor of Economics at the Hanken School of Economics and as a visiting professor at Brown University and Kellogg School of Management
at Northwestern University, Illinois
, United States
.
In 1985 Wahlroos switched career to banking, joining the executive board of Union Bank of Finland (Suomen Yhdyspankki). In 1988 he was appointed Executive vice president and Head of Investment Banking & Treasury at UBF. Together with half a dozen of his colleagues Wahlroos bought out the investment banking operations of UBF in 1992 and started the partnership Mandatum & Co, which soon became the leading advisor of mergers and acquisitions in Scandinavia. Through a merger with Interbank in 1998 Mandatum was listed on the Helsinki Stock Exchange.
In 2000 Wahlroos merged his banking group into Sampo-Leonia and took over as President and CEO of the combined company, also becoming its biggest private shareholder. In 2009 Wahlroos resigned as CEO and was elected Chairman of Sampo plc, holding company of Sampo Group, which by then had become the biggest insurer in Northern Europe and also the main shareholder of Nordea
, the region’s largest bank. In March 2011 he was elected as the Chairman of Nordea.
Wahlroos is also Chairman of the Board of UPM-Kymmene.
After this he has withdrawn from active party politics although he is a paid-up member of the Swedish People's Party. He has given public comments that show some of his thoughts.
March 2009 Wahlroos predicted that the recession will not endure for long, because the market corrects itself quickly.
March 2010 Image magazine interview he spoke of Finnish development aid being cut because "we have 50 years of money thrown into a bottomless well".
In addition, he criticized the financing of university degrees as, "an empty delivery subvention", and agricultural and forestry research efforts, as unfair.
In June of 2010 Wahlroos told the Financial Times that Europe will have to reconsider the future of the Social market economy
model, because people can not be taxed in the future in the current fashion, and poverty and broken families are unsustainable.
Wahlroos believes that agricultural subsidies should be abolished throughout the world. "It is absurd that Finland is with one hand supporting the Zambian agribusiness and the other the EU common agricultural policy."
"...giving to developing countries at the same time ... when the EU is to abolish agricultural subsidies and open tariff barriers on agricultural products"
, Wahlroos holds the rank of Captain
in the reserves.
Helsinki
Helsinki is the capital and largest city in Finland. It is in the region of Uusimaa, located in southern Finland, on the shore of the Gulf of Finland, an arm of the Baltic Sea. The population of the city of Helsinki is , making it by far the most populous municipality in Finland. Helsinki is...
) is the Chairman of the Board in Sampo Group, Nordea
Nordea
Nordea Bank AB is a Stockholm-based financial services group operating in Northern Europe. The bank is the result of the successive mergers and acquisitions of the Swedish, Finnish, Danish and Norwegian banks of Nordbanken, Merita Bank, Unibank and Kreditkassen that took place between 1997 and 2000...
and UPM-Kymmene. Wahlroos’s nickname is "Nalle", which means "teddy bear
Teddy bear
The teddy bear is a stuffed toy bear. They are usually stuffed with soft, white cotton and have smooth and soft fur. It is an enduring form of a stuffed animal in many countries, often serving the purpose of entertaining children. In recent times, some teddy bears have become collector's items...
" in Finnish
Finnish language
Finnish is the language spoken by the majority of the population in Finland Primarily for use by restaurant menus and by ethnic Finns outside Finland. It is one of the two official languages of Finland and an official minority language in Sweden. In Sweden, both standard Finnish and Meänkieli, a...
and Swedish
Swedish language
Swedish is a North Germanic language, spoken by approximately 10 million people, predominantly in Sweden and parts of Finland, especially along its coast and on the Åland islands. It is largely mutually intelligible with Norwegian and Danish...
.
Career
After graduation from gymnasiumGymnasium (school)
A gymnasium is a type of school providing secondary education in some parts of Europe, comparable to English grammar schools or sixth form colleges and U.S. college preparatory high schools. The word γυμνάσιον was used in Ancient Greece, meaning a locality for both physical and intellectual...
in 1971 Björn Wahlroos studied at the Hanken School of Economics in Helsinki
Helsinki
Helsinki is the capital and largest city in Finland. It is in the region of Uusimaa, located in southern Finland, on the shore of the Gulf of Finland, an arm of the Baltic Sea. The population of the city of Helsinki is , making it by far the most populous municipality in Finland. Helsinki is...
. He graduated as a M.Sc in 1975 and got his D.Sc in 1979. The following years were spent in academia; as an acting professor of Economics at the Hanken School of Economics and as a visiting professor at Brown University and Kellogg School of Management
Kellogg School of Management
The Kellogg School of Management is the business school of Northwestern University in Evanston, Illinois, downtown Chicago, Illinois and Miami, Florida. Kellogg offers full-time, part-time, and executive programs, as well as partnering programs with schools in China, India, Hong Kong, Israel,...
at Northwestern University, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
In 1985 Wahlroos switched career to banking, joining the executive board of Union Bank of Finland (Suomen Yhdyspankki). In 1988 he was appointed Executive vice president and Head of Investment Banking & Treasury at UBF. Together with half a dozen of his colleagues Wahlroos bought out the investment banking operations of UBF in 1992 and started the partnership Mandatum & Co, which soon became the leading advisor of mergers and acquisitions in Scandinavia. Through a merger with Interbank in 1998 Mandatum was listed on the Helsinki Stock Exchange.
In 2000 Wahlroos merged his banking group into Sampo-Leonia and took over as President and CEO of the combined company, also becoming its biggest private shareholder. In 2009 Wahlroos resigned as CEO and was elected Chairman of Sampo plc, holding company of Sampo Group, which by then had become the biggest insurer in Northern Europe and also the main shareholder of Nordea
Nordea
Nordea Bank AB is a Stockholm-based financial services group operating in Northern Europe. The bank is the result of the successive mergers and acquisitions of the Swedish, Finnish, Danish and Norwegian banks of Nordbanken, Merita Bank, Unibank and Kreditkassen that took place between 1997 and 2000...
, the region’s largest bank. In March 2011 he was elected as the Chairman of Nordea.
Wahlroos is also Chairman of the Board of UPM-Kymmene.
Politics
While a student, Wahlroos was involved in left-wing politics. He was a member of Finlands Svenska Skolungdomsförbundet in 1969-1973 and communist revolutionary student association Sosialistiset taloustieteen opiskelijat in 1971-1973. He left extreme left politics in 1973.After this he has withdrawn from active party politics although he is a paid-up member of the Swedish People's Party. He has given public comments that show some of his thoughts.
March 2009 Wahlroos predicted that the recession will not endure for long, because the market corrects itself quickly.
March 2010 Image magazine interview he spoke of Finnish development aid being cut because "we have 50 years of money thrown into a bottomless well".
In addition, he criticized the financing of university degrees as, "an empty delivery subvention", and agricultural and forestry research efforts, as unfair.
In June of 2010 Wahlroos told the Financial Times that Europe will have to reconsider the future of the Social market economy
Social market economy
The social market economy is the main economic model used in West Germany after World War II. It is based on the economic philosophy of Ordoliberalism from the Freiburg School...
model, because people can not be taxed in the future in the current fashion, and poverty and broken families are unsustainable.
Wahlroos believes that agricultural subsidies should be abolished throughout the world. "It is absurd that Finland is with one hand supporting the Zambian agribusiness and the other the EU common agricultural policy."
"...giving to developing countries at the same time ... when the EU is to abolish agricultural subsidies and open tariff barriers on agricultural products"
Military
In the Finnish Defence ForcesFinnish Defence Forces
The Finnish Defence Forces are responsible for the defence of Finland. It is a cadre army of 15,000, of which 8,900 are professional soldiers , extended with conscripts and reservists such that the standard readiness strength is 34,700 people in uniform...
, Wahlroos holds the rank of Captain
Finnish military ranks
Finnish military ranks form a system that incorporates features from Swedish, German, and Russian armed forces. In addition, the system has some typically Finnish characteristics that are mostly due to the personnel structure of the Finnish Defence Forces. The ranks have official names in Finnish...
in the reserves.
Sources
- Personal data: Corresponding article on the Finnish Wikipedia