MARCUS “THE DISTRICT JUDGE” WALLENBERG

On December 28, 1902, 38-year-old Marcus “the District Judge” Wallen­ berg (1864–1943) invited Sigfrid Edström, a graduate engineer and tramway director from Gothenburg, to his home at Strandvägen 27. He had decided, following an earlier meeting in Gothenburg, that the young Sigfrid Edström, who was a few years his junior, had exactly the right qualities to sort out the problems at the com- pany Allmänna Elektriska AB (Asea) in Västerås. Edström, who was very much aware of his worth, held off for a long time and negotiated a higher salary in the process. In the light of the bank’s involvement in this loss-making company, Edström was to be Marcus Wallenberg’s most important recruit, in part because he saved Asea, but also because he introduced the “com- pany doctor” Emil Lundqvist into the circle. The latter was not only involved in the technical transformation at Asea but also at Scania-Vabis, Kopparfors and Stora Kopparberg. The fact that Edström was never invited to the Wallenbergs’ home ever again whilst Lundqvist was a frequent visitor remains a mystery. Perhaps it was significant that one was more sociable, self-aware and vain whilst the other was humble, nonconformist and slightly reserved. It was said that Wallenberg’s wife Whilst basically that was what he This was more than sufficient to Amalia hated the one and loved the wanted, he was not totally devoid of manage and build on the foundation other. Perhaps her husband, who vanity. Being made a Knight of the laid by his father and half-brother often met Edström at work, also had Swedish Royal Order of the Sera- and give his two sons solid ground something to do with it. phim was a source of great pride for on which to work during the crises of Marcus Wallenberg was, as wit- him. the 1930s. For them their father had nessed by many of his contemporar- He was known as the District Judge such great authority that at a meeting ies, a workaholic who hated external because, as with other lawyers of his of the board of Stora Kopparberg affectations. His focus was firmly on time, he held the academic title of one jokingly said to the other: “When work and the family, possibly with a Deputy District Judge. A law degree father died in 1943 did he ever resign little bridge as a distraction. Money also included a great deal of practical from the board?” should be spent on projects and economics. Unfortunately, he failed in not on clothes and consumption. A his ambition to become a naval officer striking example of this is the fact that as he was shortsighted. he had his suits made without pockets He was to become one of the most so that when they became worn they powerful men in the country when could be turned inside out and thus he gradually took over control of the last longer. The motto Esse non videri Stockholm Enskilda Bank, succeeding (to act, not to seem to be), which he his older half-brother Knut. He was adopted in 1931 when he became a also to become one of the most Knight of the Swedish Royal Order of prominent figures in industry when the Seraphim, describes a man who major power supply and engineering had no wish to be in the public eye. He projects were initiated in Sweden preferred instead to devote all his time and Norway both during and after and energy to the task at hand. World War I.

VI VI JACOB WALLENBERG THE ELDER

Jacob Wallenberg (1892–1980), was a banker of the classic British style: driven by a desire to do business, knowledgeable in practical economics, highly skilled in speculation on the stock markets and intellectual in his endeavor to see the whole picture. The fact that he learned his trade as a banker in the difficult post-war period and was later involved in dealing with the ”Kreuger Crash” was to serve him well for the rest of his life. In his role as owner of major companies, his chairmanship approach was more formalistic. He listened and controlled by initially saying no before in the end approving the deal as long as the executive management were sufficiently convinced to revert and determinedly pursue the matter. Becoming involved directly in the running of a company’s business was not his style. The people who worked with him described him as formal and old-­ fashioned and he consistently used strict forms of address even with his closest colleagues. His only true friends were people he met from the time when he trained as a naval officer and those Formally, the situation was corporate transformation projects or with whom he sailed. His boat was un­equivocal. It was Jacob who for projects that were of national sig- named Refanut after the enchanted ship a good deal of the time maintained nificance. He did not take any such in the book Adalmina’s Pearl, written by control over the sphere, initially during initiatives himself even if he supported Zacharias Topelius. He won the Gotland his 19-year period as CEO of the the long-term investment in research Runt sailing race several times in Stockholm Enskilda Bank, which he did at the pharmaceutical company Astra. Refanut and it was on these occasions, with his father’s unconditional support. The age gap between the brothers was when challenges came at him in rapid Following his father’s death, various at least half a generation. Jacob hap- succession, that he revealed another individuals were brought in from pily held onto the old, tried and tested side to his character. outside to chair the family foundations. ways whilst Marcus wanted to keep Otherwise he was wary and This remained the case through to 1966 pace with the times. Marcus was prob- reserved, almost humble. In his will he although Jacob was always a member ably driven by the fact that ever since left part of his considerable fortune to of the board, contributing with his con- he was a child he had been slightly the family foundations, not in his own siderable gravitas and experience. He jealous of his older brother, who was name but in the name of his parents. became chairman of the bank in 1950 the one on whom their parents relied. The memory of his father, Marcus “the and he remained so until 1969 when Making his mark in the bank required District Judge” Wallenberg, was close he stepped down at the age of 77. He a particular effort on the part of the to his heart to the very end. There continued as chairman of the industrial younger Wallenberg son. was a strong feeling of trust between holding companies Investor and Provi- Jacob never had any family in the the two of them. He was closer to his dentia until 1978 when he retired aged traditional sense although he was very mother than anyone else throughout 86. As chairman of the Knut and Alice close to his adopted son Peder Sager his life. Many spoke about how he was Wallenberg Foundation he kept a firm Wallenberg, despite the fact that they always a man of his word and about his grip on the whole system for a further never lived together. Jacob was the sense of responsibility and his compo- two years. He was thus the formal head pater familias in the Wallenberg family sure. He never lost his temper or swore. for more than four decades. and he was a firm upholder of family Frugality led to his sisters sometimes However, it was not easy to get the traditions. This included celebrating calling him “Poor man Jacob”. better of his younger and more active the ”Amalia Day”, his mother’s birthday The question of who it was that brother Marcus, neither as CEO nor on May 29. This annual family tradition exercised true power in the third as deputy chairman of the bank or as evolved from a modest celebration generation of the Wallenberg family deputy chairman of Investor. Jacob was with Jacob’s naval officer friends, who is not easy to answer. Was it Jacob or forced to accommodate the wishes of were always welcome visitors to the was it Marcus? his brother, who was involved in major home of his mother Amalia.

VIII VIII MARCUS “DODDE”WALLENBERG

“The best interests of Sweden” was something of a doctrine for Marcus Wallenberg Jr. (1899–1982). When- ever the subject came up, he would talk about the religiousness of his fore­fathers. Risking your reputation for not having worked in the best interests of the country was for him the worst that could happen. Perhaps he was still haunted by the old Bosch affair after World War II. There was also another explanation for Marcus Wallenberg Jr.’s consistent emphasis on what was best for Swe- den as a country—his background in sport. He grew up with the emergence of a broad-based sports movement and he became the country’s best tennis player and sailor. Having the opportunity to represent his country was a source of great pride for him. He sought to transfer the competitive element in sport to enterprise—fight- ing for the team and for the nation. In his corporate work he was to a large extent similar to a sports leader—consistently stubborn in pursuit of winning the next point, the next game, the next set and the next match. His leadership achievements were full of good suggestions to his co-workers and the most important Marcus Wallenberg Jr. playing doubles with his son Peter. piece of advice came from his third sport, golf. “Play the ball as it lies.” Sträng and the prime minister for day efficiently and don’t waste them— This meant that corporate leaders had many years Tage Erlander. on getting dressed for example.” to accept the situation as it was in Although politically he was not a In a presentation in Falun in 1954 Sweden and leave politics to the pol- believer in collectivist solutions, he he set out his visions of a supersonic iticians. Perhaps this is why, despite regarded running a company as a plane, express highways, enormous differences of opinion, he enjoyed team sport. “Remember that we’re a parking areas on the outskirts of cities, such good relations with politicians, in team—pass to each other!” transistors on metal plates that would particular minister for finance Gunnar A third explanation was the flow of make “pocket telephones” possible, information between the members of three-dimensional color televisions, the team: “Information must always fully automated production plants, flow freely!” It was important, for mathematical machines, atomic example, that the CEO and deputy power, radioactive sterilization of fresh CEO had adjoining offices. According produce, and synthetic materials and to Marcus Wallenberg Jr., a person pharmaceuticals. who is competitive should train every He was that kind of person: Swe- day but never too much and never too den’s perhaps most active project per- little. They should always deal with the son in modern times. He was involved uncomfortable aspects first and exert in so much of what characterized constant pressure on their fellow team post-war Sweden, ranging from civil members. “Feel free to call without aviation, military aviation, atomic any particular reason. Feel free to power, the computer industry and shout a great deal, perhaps without telecommunications, to the restructur- cause, if you want your message to be ing of the banking sector and the steel remembered. Ask about the smallest industry. Sweden was to lead the way of details and ensure that the most into a technically exciting future. important thing appears first in all presentations. Use all the hours of the

XII XII MARC WALLENBERG

and then at Harvard Business School. It was considered a natural In keeping with family tradition, he progression that Marc, together spent a period of time at different with his senior management, which banks, including Pictet in Geneva, comprised his relatives Carl de Geer, Crédit Lyonnais and Paribas in Paris, Peder Bonde and Jacob Palmstierna, Hambros in London and not least devoted more time to the bank than Morgan Stanley, National City and to the companies, which was where Brown Brothers in New York. the older generation dominated. Marc had a gift for remaining in As was the case for many mem- contact with all his friends in his net- bers of the Wallenberg family, sailing work in Sweden and abroad. He spent was Marc’s biggest interest. He was several summers as a guest with the passionate about ocean racing with Morgan and Rockefeller families. his friends. That was when he was in David Rockefeller was a friend from his element. his younger years. Marc’s own British During the merger between the mother was now remarried and her Stockholm Enskilda Bank and the new husband was Charles Hambro, a Skandinaviska Bank, Marc Wallen- member of the well-known banking berg had a difficult role as mediator family. In contrast to other Swedish between his father and his uncle, who directors of the time, who spoke had differences of opinion regard- poor school English and were not ing the merger. A heavy workload, particularly comfortable in interna- coupled with the knowledge that he Marc Wallenberg worked for 13 years, tional settings, Marc was very much at was expected to assume respons­ from 1958 to 1971, as the CEO of the home. When it came to maintaining ibility as CEO for the new bank, put Stockholm Enskilda Bank. His long an overview, from the most insignifi- him under considerable pressure and tenure as CEO is linked primarily to cant of banking deals and corporate he committed suicide in November two major changes at the bank. The orders to major international political 1971. The shock and sorrow following first was a U.S. innovation, the “debit processes, he was the only one who his death still remain today. card”, which he quickly brought to could compete with his father. He Those who saw Marc Wallenberg Sweden and launched together with also had a close relationship with at work in bank-related matters and in the provincial banks. Later, the credit his uncle Jacob, who was chairman international contexts, including Tore card system was introduced for all the of both Investor and the Wallenberg Browaldh and Lars-Erik Thunholm at major banks in the country and grad- Foundations. the competing Handelsbanken and ually evolved into the Eurocard brand Marc moved to the family bank the Skandinaviska Bank, spoke with with the finance company, Vendor, at in 1953 at the age of 29, roughly the great admiration about his considera- the center. Other new financial inno- same age as his uncle Jacob and his ble knowledge, innate confidence and vations introduced in Sweden at this father Marcus when they joined the incredible number of international time included factoring and leasing, bank. Five years later he became CEO contacts. And not least his consider­ as well as the OCR number for identi- and eventually took over. Should the able warmth and humor. He was a fying electronic payments. other highly qualified candidates, modern, innovative banker and a vital Marc’s second major contribution Göte Engfors and Carl de Geer, ever link in the Stockholm Enskilda Bank’s was the establishment of international have been considered, it would have and the Wallenberg family’s interna- bank consortia. Swedish banks during been purely as a stop-gap. This was tional network. this time were not permitted to have the Wallenberg family’s bank, despite their own foreign branches and Marc the fact that it was listed and had was very close to putting together a external stockholders. large American-European consortium. In his role as deputy chairman, The result instead was involvement his father continued to intervene in a series of development banks and in the running of the bank, which partnerships with Morgan & Cie in was largely in relation to companies Paris and Neue Bank in Zürich. in which he was involved. In many If the politicians had been up to respects the Stockholm Enskilda Bank speed, Sweden would probably have became a joint finance department had a major international bank at for companies such as Asea, Saab, a time when restrictions on export Scania, L. M. Ericsson, Separator companies had been lifted. (later Alfa-Laval) and Atlas Copco. Marc had been trained for his Two-thirds of the deposits derived work at the bank since 1946, when from these companies and the role he spent three years at Harvard of the bank was to arrange financing University in Boston, first at college solutions for them.

XIV XIV PETER WALLENBERG

Peter “Pirre” Wallenberg (1926–2015) subsidiary company perspective in his “Erik Belfrage was and is incredibly made what was to be the family’s contact with head office. Anyone who au fait with everything in the world,” most remarkable worldwide contact spends a long time away becomes a he said. “He consumes news and has tour. But the tour, which was initially different person. given us an incredible network of regarded as being a traditional bank Sweden and Swedish companies contacts. Eric finds it easy to become trainee period, was cut short after just had developed in what could be acquainted with people and say the six months. The reason was a clash described as a technocratic direc- right things—not the wrong things between Peter and his father, fueled tion. The art of social engineering as we frequently do. He has been by a fair share of stubbornness on had prevailed in politics and belief invaluable to me as an opener of both sides. His parents had divorced in long-term planning had prevailed doors. He has no fear whatsoever of and his mother, Dorothy Mackay from in the corporate world. None of this the ‘big guys’ and I have never seen Scotland, had moved back to the suited Peter. In 1982, following the him nervous.” United Kingdom. Peter and his brother death of his father, Peter took over as Peter also had good contacts in Marc continued to live with their head of the Wallenberg sphere and he other countries. This was particularly demanding father. embarked on an era of globalization the case in China, due in part to earlier At the age of 27 he graduated with in which marketers and economists meetings with the future president of a law degree but refused to begin assumed greater influence in the face China Jiang Zemin, who in the 1980s working at the bank with his father of fierce competition. was the Mayor of Shanghai, one of the and his older brother. During the 1970s, Peter had darted important economic centers in Asia. This led to him being sent to Atlas back and forth between Sweden and The two of them met again later on a Copco where “the guys there would Washington in an attempt to save a trip to China. Peter was preparing to make a man of the boy”. A feeling number of technology agreements for step down and he was accompanied of mutual respect ensued. Peter not Asea, L. M. Ericsson and Saab-Scania, at the time by his son Jacob and his only coped with the tough training which were having problems on the nephew Marcus. at the mine but he also became back of the U.S. government’s views “Jiang Zemin asked why I had two successful in leasing machinery. His regarding Sweden’s policy on Viet- members of the younger generation endeavors brought him to the U.S. nam. Even so, he still considered his with me. I explained that I was getting where he was to launch large Atlas Copco compressors on what was a strongly protectionist U.S. market. His efforts were eventually rewarded. There then followed the challenge of becoming head of the subsidiary in what was at the time Rhodesia at the age of 33. Not since the days of the founder had any member of the Wallenberg family worked so much on the frontline. Despite pleas by his father to return home, Peter refused. He loved the climate and freedom in Africa. A number of years later he took over responsibility for what was at the time Congo. He covered an area that was exceptionally large and dan- gerous, often travelling alone by car along gravel roads as the local drivers were unable to venture outside their tribal areas. It was then that Atlas Copco came international network of contacts to on in years and wanted the good along with an offer he couldn’t refuse. be far too thin as his father had never relationships between the two sides to He was invited to become head of its introduced him to his friends. continue as it was vitally important for British subsidiary, which was experi- In the 1980s, Peter found his con- us. The fact my son Jacob was later encing major problems. sigliere in foreign affairs, the diplomat invited to be a member of the Mayor The banking family now had an Erik Belfrage, son of the former Atlas of Shanghai’s special committee heir who was on the way to becoming chief executive Kurt-Allan Belfrage. was very gratifying indeed. This was a specialist in industrial marketing The fact that Erik Belfrage was heightened even further when he later and corporate reorganization. Added included in Peter’s will was certainly became chairman of this prominent to that, he had become almost a a clear reflection of Erik’s personal committee.” foreigner and he adopted a distinct importance.

XVIII XVIII JACOB WALLENBERG

ing with strategy and implementation in a reality that is in a constant state of flux. Investor’s strategy of having wholly-owned companies has created the ideal conditions for generating an unrestricted cash flow. Jacob has boundless energy. He makes demands and persists until all aspects of a matter have been highlighted and a decision has been reached. He is temperamental but at the same time he has a glint of humor and as a team player he is willing to take on board the opinions of others. The media regularly call Inves- tor’s chairman when the Wallenberg sphere is expected to comment on controversial matters. Jacob regards this as a key part of his job Jacob Wallenberg is perhaps the most that eventually materialized resulted as chairman of Investor. “Business high-profile member of the “troika”, in him moving to the S-E Bank a must make its voice heard; otherwise the group of three that heads the number of years later to help ‘clean there will be a vacuum.” He is very various units within the family busi- up’ the corporate side of the bank, much involved in issues affecting ness sphere. He has held the post of a task that proved to be a baptism the community through the Swedish chairman of Investor for more than 10 of fire. He became the bank’s CEO in Confederation of Industry’s Executive years. Jacob enjoys being in the pub- 1997 and it was now once again under Committee, the Stockholm School lic eye and does not shy away from family control. of Economics and the broad-based open debate. He also holds an execu- The merger with the insurance organization Connect Sweden, which tive role in the sense that he relishes group Trygg-Hansa in December 1997 is charged with the task of making the challenge of getting to the root of led to Jacob becoming chairman of Arlanda Airport into a more interna- a problem and dealing with the trials the bank, which was subsequently tional airport. Jacob is also a member and tribulations that could ensue. renamed SEB. He then worked on a of a number of committees in The Wallenberg heritage was not number of projects, including two Brussels, Washington and Shanghai, something that dominated during proposed mergers with competing as well as the European Round Table Jacob’s formative years. His parents banks, Föreningssparbanken and and several think tanks and advisory divorced when he was young and Nordea, neither of which reached committees. He attends the World his father Peter worked abroad until fruition. Economic Forum in Davos each year Jacob was in his teens. He lived with Alongside the position of chair- and he is a long-standing member his siblings and half-siblings as part man, Jacob was from 1999 the exec- of the Bilderberg Group. He shares of a large family unit. Several future utive deputy chairman of Investor. his international networking with his paths were open to him, but he was Holdings in Stora Enso, SKF and SAS cousin Marcus. always under the watchful eye of his were transferred to the Wallenberg During his leisure time Jacob is a grandfather Marcus Wallenberg Jr. Foundations and a new management passionate sailor. In this respect he After becoming a reserve officer company, W Capital Management was from a young age very much a at the Swedish Naval War College, AB (WCAP), with Jacob serving as Wallenberg. He has sailed a great Jacob studied at Wharton Business chairman. deal, mostly dragon class, and he was School in Pennsylvania. He first Following the ABB crisis of 2002, the chairman of the Royal Swedish graduated with a degree in business it was Jacob who was assigned the Yacht Club for 10 years. Each year administration, followed by an MBA. unenviable task of removing Percy he takes part in the Gotland Runt/ He then continued in typical Wallen- Barnevik as chairman of Investor after ÅF Offshore Race with the exquisite berg style with what could be termed five years in the position. wooden-hulled yacht “Regina”, which an “apprenticeship journey”, working In 2005, it was time for Jacob has been sailed in offshore races since at international banks such as JP to take over as chairman of Inves- the 1930s and has been in the family Morgan in New York, Morgan Stanley, tor. Under his guidance, Investor since the beginning of the 1950s. Hambros and Enskilda in London, increased the number of whol- the S-E Bank in Singapore and Hong ly-owned companies in a process Kong and later at home in Stockholm. in which Börje Ekholm was given In 1990 he became chief financial a relatively free rein as CEO. Jacob officer at Investor, just prior to the believes in clearly defined delegation. impending banking crisis. The crisis He welcomes the challenge of work-

II II MARCUS WALLENBERG

his inclination to go into Even as far back as the Investor great depth in everything strategy meeting held at Biskopsö in he undertakes, along with 1993, Marcus was the envisaged suc- his ability to listen and his cessor to CEO Claes Dahlbäck. It was desire to safeguard the at this meeting that Investor’s senior wellbeing of his colleagues. management presented the idea of He has been particularly purchasing stocks in companies that involved in companies demonstrated future potential and such as SEB, AstraZeneca, organizing stock exchange buy-outs. Ericsson and Saab. Many The former was termed venture associate Saab’s recent capital and the latter private equity. success with the way he The year after, Scandinavian EQT developed his contacts and Partners was founded in collaboration his enthusiasm. with SEB and the U.S. company AEA. Marcus has also been In 1995, the venture capital company involved in innovations Novare Kapital was founded in part- in Sweden through the nership with SEB. Royal Swedish Academy When Marcus took over as CEO of Engineering Sciences in spring 1999, the course has been and he shares responsi- set: more healthcare, education and bility for the Wallenberg information technology. The boom on sphere’s network abroad the technology stock markets led to with his cousin Jacob. the creation of the dotcom and tele- He was chairman of the com bubble and subsequent burst in International Chamber of 2002. This had major impact on stock Commerce during what prices and the technology-heavy Marcus Wallenberg saw his paternal proved to be a period of the organiza- NASDAQ market dropped by 73 per- grandfather, with whom he shared the tion’s major refocus. He is a member cent from its peak. Investors on the same name, as a father figure. When of the boards of Singapore’s Temasek, stock market expressed their concern his father Marc died, the grandfather the Asia Business Council and various about Investor’s position in the light devoted more time to Marcus and his American think tanks. of the crisis at ABB and Ericsson. younger brother Axel. His interest in His great interest in innovation, This resulted in a number of the most sailing and technology was something emerging companies and entrepre- interesting holdings being divested he inherited from his admired and neurship dates back to the end of the to expand their freedom of action. much-loved grandfather. 1970s when he and his cousin Jacob The launch of the partner-owned Marcus is tall and imposing, studied in the U.S. Marcus studied 3 Scandi­navia required more time reflected in his nickname “Husky”. finance at Georgetown University to develop than anticipated and The nickname was given to him by his School of Foreign Service. The cousins the ownership in ABB and Ericsson grandfather although his genes prob- spoke about bringing home the new was increased in what turned out to ably came from his maternal grand- entrepreneurial spirit from the U.S., be really good timing. Despite this, father Walter Wehtje, who was also a where companies such as Hewlett-­ Investor quickly bounced back, having tall person. Wehtje not only created Packard and Cisco had thrown learned some valuable lessons along the new Atlas but also later became down the gauntlet to the large, the way. The transition from the old to the CEO of Investor, a position he held old-­established companies, and new the new is still very much in evidence. until 1970. Marcus thus grew up as venture capital projects in various Marcus is now not only deputy a natural successor in the country’s forms were developed. chairman of Investor but also chair- foremost industrial family. In line with his predecessors in the man of the sister organization FAM, Marcus is a competitive sailor, as family, Marcus worked as a trainee wholly-owned by the Wallenberg were his paternal grandfather and at Citibank, followed by Deutsche Foundations, in addition to Patricia Jacob, his great uncle. In 2015 he Bank and Warburg and Citicorp in Industries, which is in turn respons­ and his sailing compatriots won the Hong Kong. He then spent time at ible for Investor’s wholly-owned and Gotland Runt/ÅF Offshore Race in a SEB in Stockholm and London. He unlisted holdings. Together, Investor, Swan 70. He is also interested in tennis was also recruited to Feldmühle AG in FAM and Patricia Industries represent and loves the Swedish mountains. Germany following the acquisition of what is in reality three different ways The majority of people in Swedish the company by Stora. of generating value through innova- industry associate him mainly with his Developments at SEB led to the tion and engaged ownership. enormous passion for innovation, tech- two cousins, Jacob and Marcus, spend- nical transformation and international ing a good deal of the 1990s working networking. Those who have worked on their individual projects —the bank closely with him also speak about for Jacob and Investor for Marcus.

XVI XVI PETER WALLENBERG JR.

“We have realized But it was not only in the hotel that Sweden risks losing industry that “Poker” made his mark. a whole generation of He also acquired a considerable researchers. As a force interest in cars at an early age and he for change, we have enjoyed working on them together created Wallenberg with his friends. He runs his own Academy Fellows, professional race team—the PRW which is aimed at prom- team—along with veteran Daniel ising young researchers Haglöf and they have enjoyed success in all scientific discip­ on the track, sometimes with Poker lines. Some 40 percent as driver. He is also chairman of the of these will be Swedes Royal Automobile Club. working abroad or And so it came about that non-Swedes working in Sweden acquired a leading financial Sweden who can make decision-maker who was previously a valuable contribution more well-known among the racing to our research. At pres- fraternity and world-class chefs than ent we are funding the among the readers of the financial work of 200 research- pages. Peter Wallenberg Jr.’s relative ers. We have identified anonymity up to now can be attrib- a considerable need and uted in part to the fact that he prefers we have realized that in to shun the limelight and in part to certain areas in Sweden the reality that long-term research we have been thinking issues seldom give rise to conflicts along the wrong lines. and front-page headlines. His father, We must once again Peter “Pirre” Wallenberg, realized that Peter Wallenberg Jr., the youngest reinforce the link between industry in the management troika his younger of the Wallenberg family “troika”, and research if we are to maintain our son would be the ideal counterweight has opted to step down from the position as a research nation. This is a for his brother Jacob and his cousin boards of Investor and FAM in order process that we must be involved in,” Marcus. to focus his attention on the work he declared. of the Foundations, Investor’s main The nickname “Poker” was given owners. The Foundations award to him by his grandfather Marcus more than SEK 2 billion to research because as a young child he always each year and their work is exten- had a “poker face”. Just like his sive and always long term. Invest- father, he chose a different career ments in molecular biology, for path instead of entering the family example, will have an impact on the business from the outset. Swedish pharmaceutical industry When he was at boarding school far into the future. Peter is also in Sigtuna he felt that spending time responsible for introducing the next with his friends was far more fun than generation of the Wallenberg family studying. His parents intervened and into the family-linked operations. sent Peter to the Leysin American Since 2006 he has been elected to School in Switzerland, where his several boards of the holdings and he academic and professional diligence succeeded his father as chairman of came to the fore. After graduating the Knut and Alice Wallenberg Foun- he went on to take a BSBA in hotel dation at the beginning ofearly 2015. administration at the University of Here he has begun working from Denver. the bottom up, with Göran Sandberg, By the age of 15 his interest in his closest associate at the Knut and hotels had become firmly entrenched Alice Wallenberg Foundation, as his when he worked as a busboy at the “comrade in arms”. They have spent family-owned Grand Hôtel. It was countless hours together formu- there that he embarked on a career lating a common path for research that was to lead him all the way to and today Peter Wallenberg Jr. is becoming CEO and chairman. Today a well-known and much-admired he belongs to an exclusive circle of figure among university presidents world-class chefs and hotel managers and executive members of various who have been inducted into the academies. industry’s Hall of Fame.

IV IV