At the end of 2023, PFA Ejendomme (PFA real estate) will say goodbye to its CEO of ten years, Michael Bruhn. He is 64 years old and believes that now is the right time to step down, he says in a press release.

”For a long period of time, I have been considering when the right time would be to withdraw from the CEO position at PFA, and now feels like the right time, as I have just turned 64 and will have the opportunity to prioritize my time differently. I am both pleased and proud that PFA wants me to continue in a new role when I step down as CEO, and I look forward to continuing to contribute to the execution of PFA’s new strategy and ensure a smooth transition,” says Bruhn.

During the ten years that he has been in charge of the real estate portfolio, it has yielded a return of 86%, according to PFA, and the assets under management have grown from DKK 15bn (EUR 2.01bn) to DKK 73bn (EUR 9.80bn).

”Michael is the epitome of integrity and one of the most respected colleagues I have ever worked with. He has created an organization with a professional setup and an investment strategy that over the years has generated billions of kroner in returns for our customers, and he has helped ensure that PFA Ejendomme will continue to provide great value to our customer community,” says Kasper A. Lorenzen, group CIO at PFA, in the statement.

After his resignation as CEO, Michael Bruhn will instead be affiliated with PFA as a senior advisor to the Executive Board.

”This is an ideal solution for both Michael and PFA, as we can ensure a good handover and continue to make use of Michael’s strong competencies in the years to come,” asserts Lorenzen.

It is unclear whether the process of finding his replacement is underway. In any case, PFA says in its statement that ”PFA has initiated a process in relation to the future organization of the real estate area.”