"I do not consider it right to continue to lead the work of the board when there are different opinions on an important and central issue," Magnusson said in a statement. "Now that the board has decided to reject the offer for the company, it is natural and in Skandia's best interests that I hand over the chairman's gavel to someone who shares the opinion of the majority within the board."
Lennart Jeansson, who replaces Magnusson, said he would wage a campaign to convince shareholders Skandia can stand on its own. The firm has also hired
Only two other directors voted along with Magnusson on approving the sale, which, according to an analyst at
Nonetheless, Old Mutual Chief Executive Officer Jim Sutcliffe remained positive his company would purchase Skandia, saying that a majority of Skandia's shareholders are in favor of it.
Separately, a Swedish newspaper reported that New York hedge fund