Globe Tracker CEO ousted amid poor performance
Tuesday 30th June 2026 on 15:00 in
Faroe Islands
The board of Faroese insurer LÍV has removed the CEO of its subsidiary Globe Tracker following persistent underperformance and low returns, KVF reports.
Árni Ellefsen, who previously served on Globe Tracker’s board before becoming LÍV’s chair, confirmed the dismissal, stating that the insurer’s investments in Globe Tracker were made on the board’s authority.
LÍV and its policyholders lost 174 million DKK on the investment. The company is now seeking a replacement, though the process may take time due to strict “fit and proper” regulatory requirements for executives overseeing large public funds. Any new appointee must also gain approval from the Faroese Financial Supervisory Authority.
LÍV is jointly owned by 21 trade unions, holding half the shares, and policyholders, who own the remaining half through the mutual insurance association Ognarfelagið LÍV.