Wade Dokken Named President and CEO of AmericanSkandia. | Company Activities & Management > Board & Management Changes from AllBusiness.com
Business and Financial Editors
SHELTON, Conn.--(BUSINESS WIRE)--May 31, 2000
Skandia Insurance Company Ltd. announced today that Wade Dokken has been promoted to president and CEO of the company's American subsidiary, succeeding Jan R. Carendi, founder of American Skandia, Inc. and its subsidiaries, who is stepping down after 13 years as president and CEO. Jan R. Carendi will remain as chairman of the board during a transitional period.
Jan R. Carendi comments: "After nearly 30 years at Skandia, including the start-up and leadership of American Skandia during its first 13 years, I take great satisfaction in the fact that we have achieved a leading position in the U.S. and global long-term savings markets. At this time, it feels appropriate to hand over the CEOship to Wade Dokken, who has been my deputy CEO for the past two years. I will be dedicating all my energy to developing new markets and long-term solutions for Skandia in a changing world."
Wade Dokken, chief operating officer and deputy CEO of American Skandia, also serves on the Executive Management Board of Skandia since March 2000. Dokken, 40, began his career in financial services as a Minneapolis-based broker for Paine Webber. He joined American Skandia in 1989. A native of North Dakota, he attended the University of North Dakota and was a candidate for the North Dakota State Legislature in 1984.
In the first quarter of 2000, American Skandia ranked as the number one distributor of variable annuities in the U.S. The company is also a preeminent distributor of mutual funds, qualified plans and variable life insurance products. The company has $34.8 billion in client assets under management and realized 1999 sales of $10.1 billion (first quarter 2000 sales totaled $4.3 billion). More than 1,200 employees work at the company's Shelton, Connecticut headquarters.
Skandia announced last week that its first-quarter operating profit more than doubled, powered significantly by U.S. sales of variable annuities, which rose 93 percent, and mutual funds, which nearly tripled. Skandia's stock (ticker SDIA SS), which represents approximately 8 percent of the Stockholm stock exchange's General Index, has risen some 75 percent since January 1, 2000. Skandia, with a market capitalization of USD $23.2 billion, saw its operating profit rise 161 percent to SEK 5.9 billion (USD $713.6 million) in 1999. It is now the no. 2 issuer of variable annuities in the world according to Tillinghast Towers Perrin.
Further information on American Skandia can be found by visiting the company's award-winning web site at www.americanskandia.com Variable insurance products are issued by American Skandia Life Assurance Corporation. Mutual funds are issued by American Skandia Advisor Funds. All products are distributed by American Skandia Marketing, Incorporated, Shelton, CT.