Sweden’s Avanza Bank picks marketeer as new CEO

Martin Tiveus has been appointed the new chief executive of Avanza Bank, taking over from Nicklas Storåkers – who at age 25 was Sweden’s youngest CEO of a listed company when he started the role in 1999.

Tiveus is not a banker by background. His previous job was heading Microsoft’s consumer marketing in Sweden. Prior to that he headed telecoms operator Glocalnet, and held marketing roles for airline SAS.

Storåkers announced in April that he wanted to leave, since when the bank’s chairman Sven Hagströmer has been looking for a replacement.

“We departed from the requirment for banking experience when we found Martin,” said Hagströmer in an annoucement to the bank’s staff.

“Avanza today has an executive group that is so competent in many areas that those in it complement each other. Martin has so much more that is good for Avanza that we on the board are prepared to trust our [senses].”

Hagströmer referred to Tiveus’ work taking Glocalnet from a small to medium size, and his marketing work for SAS focused on low cost flights as natural fits for Avanza’s own objectives – such as Avanza’s focus on low cost financial services.

Tiveus will take over the chief executive role at Avanza by 15 October, the bank says.

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