Jacob Palmstierna
Carl Jacob Palmstierna | |
|---|---|
| Born | Template:Birth date Lund, Sweden |
| Died | April 22, 2013 (aged 78) |
| Occupation | Banker |
| Years active | 1960–2000 |
| Known for | CEO of Skandinaviska Enskilda Banken (1976–1989), chairman of Nordea (1992–2000) |
Friherre Carl Jacob Palmstierna (28 April 1934 – 22 April 2013) was a prominent Swedish banker who served as CEO of Skandinaviska Enskilda Banken (SEB) from 1976 until 1989.
Early life
Palmstierna was born in Lund, Sweden, as the son of Friherre Carl Palmstierna and Anne-Marie (née von Essen). Raised at Maltesholm Castle, he was the grandson of Ruth von Essen, herself the daughter of SEB’s founder André Oscar Wallenberg. He completed his secondary education at Sigtuna in 1953, earned a degree from the Wharton School of the University of Pennsylvania in 1957, and graduated from the Stockholm School of Economics in 1959. The following year, he began his career at Stockholms Enskilda Bank (SEB).
Career
Palmstierna’s progression within SEB was swift: he became Deputy Bank Director in 1965, advanced to Bank Director by 1968, was appointed Deputy CEO in 1969, and ultimately assumed the role of CEO of Skandinaviska Enskilda Banken AB in 1976.
In 1989, Palmstierna became embroiled in what became known as the "Palmstierna affair," a controversy surrounding advantageous rental conditions for a villa owned by SEB. The ensuing media scrutiny and investigations resulted in his resignation that same year, following a loss of confidence from both the Wallenberg family and SEB’s board. Palmstierna later voiced feelings of betrayal by the Wallenbergs, particularly Peter Wallenberg Sr., suggesting internal disputes within the group.
During the early 1990s, Palmstierna played a pivotal role in reorganizing state-owned Nordbanken as deputy chairman under Björn Wahlström. Alongside CEO Hans Dalborg, he contributed significantly to turning Nordbanken into a profitable enterprise. He was instrumental in orchestrating mergers across Norway, Denmark, and Finland that led to the creation of Nordea, now recognized as the largest bank in the Nordic region. Palmstierna served as chairman from 1992 to 2000.
Throughout his career, he held numerous board memberships at leading companies such as Loomis AB (where he was chairman from 2007), Linderödsåsens Kraft AB, Piren AB, Catena, Siemens-Elema AB, VBB AB, Företagskapital AB, Goodyear Svenska AB, Rank Xerox AB, Orkla ind A/S, AB Electrolux, Saléninvest AB, NCC AB, Tetra Laval, Avesta Sheffield among others. Additionally, he acted as treasurer for the Stockholm School of Economics Association and chaired the German-Swedish Chamber of Commerce.
Personal life
Palmstierna married five times over his lifetime. His first marriage was to Anna Hamilton (born 1935) in 1960. In 1966, he wed Catharina von Knorring, daughter of Holger von Knorring and Jeanne-Marie von Troil. His third marriage was to Caroline Hebbe (born 1930) in 1981. In 1989, he married Annika Wallenberg, daughter of Stig Jansson and Karin (née MasOlle). He met his fifth wife, Hanne, during the late 1970s; after initially separating from their respective partners to cohabit, they spent thirteen years apart before rekindling their relationship.
At age 32 in 1966, Palmstierna assumed ownership of the family estate at Maltesholm Castle near Kristianstad. After his passing, ownership passed to his son Niclas.
Awards
- Honorary Doctorate in Business from the Stockholm School of Economics (Hon. D.B) awarded in 1989
- SSE Research Award presented by the Stockholm School of Economics Institute for Research in 1996