Pehr G. Gyllenhammar
Encyclopedia
Pehr Gustaf Gyllenhammar (born 28 April 1935, in Gothenburg
) is a Swedish
businessman. He is mainly known for his 24 years as CEO and chairman
of Volvo
, between 1970 and 1994. In the early 1980s he took the initiative for the European Round Table of Industrialists
(ERT).
with a degree in law
in 1959. He replaced his father, Pehr Gyllenhammar Sr.
, as CEO of insurance company Skandia
in 1970. After only a few months he moved to Volvo
where he became the CEO. He replaced his father-in-law
Gunnar Engellau, who became chairman, in that position.
Member of the International Advisory Committee of Chase Manhattan Bank 1972-1995.
Pharmacia
. What finally forced him to leave Volvo was a failed merger with French
company Renault
.
where he eventually became chairman of insurance company Aviva
. He returned to Swedish business in 2004 as Chairman of Investment AB Kinnevik
.
Gyllenhammar is no longer a member of Investment AB Kinnevik's board.
He serves as a director of the Reuters
Founders Share Company since 1997 (now Chairman) and was awarded in 2003 an honorary doctorate by Gothenburg School of Economics and Commercial Law
.
, lists Mr Gyllenhammar as its Chairman.
. In his 1973 book I Believe in Sweden (Jag tror på Sverige) he was steadfast in his support for the Scandinavian model and argued for the kind social liberalism
the Liberal People's Party used to support. Gyllenhammar served on the Party board and was widely considered as a future leader of the party. At times, he revealed an ambition to become Prime Minister of Sweden
.
Gothenburg
Gothenburg is the second-largest city in Sweden and the fifth-largest in the Nordic countries. Situated on the west coast of Sweden, the city proper has a population of 519,399, with 549,839 in the urban area and total of 937,015 inhabitants in the metropolitan area...
) is a Swedish
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
businessman. He is mainly known for his 24 years as CEO and chairman
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of Volvo
Volvo
AB Volvo is a Swedish builder of commercial vehicles, including trucks, buses and construction equipment. Volvo also supplies marine and industrial drive systems, aerospace components and financial services...
, between 1970 and 1994. In the early 1980s he took the initiative for the European Round Table of Industrialists
European Round Table of Industrialists
The European Round Table of Industrialists was born out of a growing preoccupation with thestate of the European economy in the early 1980s. Frequently diagnosed as “eurosclerosis”, the...
(ERT).
Career
Gyllenhammar graduated from Lund UniversityLund University
Lund University , located in the city of Lund in the province of Scania, Sweden, is one of northern Europe's most prestigious universities and one of Scandinavia's largest institutions for education and research, frequently ranked among the world's top 100 universities...
with a degree in law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
in 1959. He replaced his father, Pehr Gyllenhammar Sr.
Pehr Gyllenhammar
Pehr Gustaf Victor Gyllenhammar was a Swedish insurance company executive. He completed a law degree from Stockholm University in 1925, and became CEO of the insurance company Svenska Skeppshypotekskassan in 1938...
, as CEO of insurance company Skandia
Skandia
Skandia is a Swedish insurance company that was started in 1855. It has operations in Europe, Latin America, Asia and Australia. Skandia also operates an internet bank called Skandiabanken....
in 1970. After only a few months he moved to Volvo
Volvo
AB Volvo is a Swedish builder of commercial vehicles, including trucks, buses and construction equipment. Volvo also supplies marine and industrial drive systems, aerospace components and financial services...
where he became the CEO. He replaced his father-in-law
Father-in-law
A parent-in-law is a person who has a legal affinity with another by being the parent of the other's spouse. Many cultures and legal systems impose duties and responsibilities on persons connected by this relationship...
Gunnar Engellau, who became chairman, in that position.
Member of the International Advisory Committee of Chase Manhattan Bank 1972-1995.
At Volvo
Gyllenhammar became one of the most famous businessmen in Sweden at Volvo. He mixed success with failure. He oversaw a wide-reaching diversification of Volvo's business, buying, among other things pharmaceutical companyPharmaceutical company
The pharmaceutical industry develops, produces, and markets drugs licensed for use as medications. Pharmaceutical companies are allowed to deal in generic and/or brand medications and medical devices...
Pharmacia
Pharmacia
Pharmacia was a pharmaceutical and biotechnological company in Sweden.-History:Pharmacia was founded in 1911 in Stockholm, Sweden by pharmacist Gustav Felix Grönfeldt at the Elgen Pharmacy. The company is named after the Greek word φαρμακεία, transliterated pharmakeia, which means 'sorcery'...
. What finally forced him to leave Volvo was a failed merger with French
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
company Renault
Renault
Renault S.A. is a French automaker producing cars, vans, and in the past, autorail vehicles, trucks, tractors, vans and also buses/coaches. Its alliance with Nissan makes it the world's third largest automaker...
.
After Volvo
After Volvo, Gyllenhammar withdrew from Swedish public life and moved to LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
where he eventually became chairman of insurance company Aviva
Aviva
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
. He returned to Swedish business in 2004 as Chairman of Investment AB Kinnevik
Investment AB Kinnevik
Investment AB Kinnevik is an investment company established in 1936 by Wilhelm Klingspor and Robert von Horn. They had just sold their sugar company and were left with a farming company Mellersta Sveriges Lantbruks AB and cash. Their lawyer was Hugo Stenbeck. The lawyer got significant operating...
.
Gyllenhammar is no longer a member of Investment AB Kinnevik's board.
He serves as a director of the Reuters
Reuters
Reuters is a news agency headquartered in New York City. Until 2008 the Reuters news agency formed part of a British independent company, Reuters Group plc, which was also a provider of financial market data...
Founders Share Company since 1997 (now Chairman) and was awarded in 2003 an honorary doctorate by Gothenburg School of Economics and Commercial Law
Gothenburg School of Economics and Commercial Law
The Gothenburg School of Business, Economics and Law at the University of Gothenburg is a business school in Gothenburg, Sweden. It was founded in 1923 as an independent business college and is situated in the centre of the city, between the districts Vasastaden and Haga...
.
Majid Al Futtaim Group
Majid Al Futtaim Group, a major business chain in the United Arab EmiratesUnited Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
, lists Mr Gyllenhammar as its Chairman.
Political views
Gyllenhammar has in the past been an outspoken supporter of the Liberal People's PartyLiberal People's Party (Sweden)
The Liberal People's Party is a political party in Sweden. The party advocates social liberalism and is part of the governing centre-right coalition The Alliance, which achieved a majority in the general election of 17 September 2006...
. In his 1973 book I Believe in Sweden (Jag tror på Sverige) he was steadfast in his support for the Scandinavian model and argued for the kind social liberalism
Social liberalism
Social liberalism is the belief that liberalism should include social justice. It differs from classical liberalism in that it believes the legitimate role of the state includes addressing economic and social issues such as unemployment, health care, and education while simultaneously expanding...
the Liberal People's Party used to support. Gyllenhammar served on the Party board and was widely considered as a future leader of the party. At times, he revealed an ambition to become Prime Minister of Sweden
Prime Minister of Sweden
The Prime Minister is the head of government in the Kingdom of Sweden. Before the creation of the office of a Prime Minister in 1876, Sweden did not have a head of government separate from its head of state, namely the King, in whom the executive authority was vested...
.
Personal information
Gyllenhammar is married to Christina Gyllenhammar (born Engellau in 1936). They live in London and have three daughters and one son: Cecilia, Charlotte, Sophie, and Oscar.- Cecilia von KrusenstjernaCecilia von KrusenstjernaAnne Cecilia von Krusenstjerna is a Swedish author.Cecilia von Krusenstjerna has two sisters, Charlotte Gyllenhammar and Sophie Gyllenhammar Mattson, and a brother, Oscar Gyllenhammar. She is married to documentary film director Fredrik von Krusenstjerna and mother of three children. The oldest...
, his oldest daughter who grew up as the "Princess of Göteborg", has written a novel about the childhood of an upper class girl, the daughter of a business man in Göteborg, marked by eating disorderEating disorderEating disorders refer to a group of conditions defined by abnormal eating habits that may involve either insufficient or excessive food intake to the detriment of an individual's physical and mental health. Bulimia nervosa, anorexia nervosa, and binge eating disorder are the most common specific...
and self-disgust. The novel is strongly critical towards Cecilia's upper class background and, she admits, contains critic of both her parents but also purely fictional elements. In the novel, the father is described as constantly unfaithful and the mother as failing to love her daughter. Cecilia refuses to give any detail of what is purely fiction in the novel, but claims both her parents have read it and supports her. Cecilia gave up a career as a journalist and has chosen not to make a career because of those of her parents. - Charlotte GyllenhammarCharlotte GyllenhammarCharlotte Gyllenhammar, born 1963, is a fine artist based in Stockholm, Sweden. She began her career as a painter, but swiftly moved on to sculpture and installation after completing her studies at the Royal College of Art in London. In 1993, she broke through the Swedish art scene when she...
, a younger daughter, is a well-established artist with numerous exhibitions, public art commissions, and representation at various museums in Sweden. - Sophie Gyllenhammar Mattson worked as a consultant before embarking a successful career as a designer of gold and jewels and has established her own brand "Sophie by Sophie".
- Oscar Gyllenhammar was working for Icon Medialab before starting his own IT company Compost in 2000 and has since made a failed attempt to start an internet portal (autoo.se) "together with some friends".