LÍV board cites poor returns as key reason for ousting CEO

The decision by the board of Faroese insurer LÍV to dismiss its CEO after 14 years was driven not only by issues with the Globe Tracker system but also by consistently weak overall returns, board chairman Árni Ellefsen confirmed.

Ellefsen disclosed the reasoning after a meeting late last year, when owners P/F Fakfelag and Ognarfelagið LÍV were informed of the decision to remove Jan Jakobsen as CEO and withdraw from Globe Tracker.