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STOCKHOLM, Sweden (AP) - Swedish insurer Skandia approved an almost complete realignment of its board Tuesday following its hostile takeover by Old Mutual PLC, hours after reporting a narrower fourth-quarter loss.
Forsakrings AB Skandia also appointed Old Mutual's chief financial officer, Julian Roberts, as the new chief executive of Sweden's largest insurer. Hans-Erik Andersson, who had opposed the bid, was asked to leave the post as of Wednesday.
Old Mutual CEO Jim Sutcliffe was also approved as the new chairman of Skandia's board at an extraordinary general meeting.
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