STOCKHOLM, Sweden (AP) ? Financial-services company Old Mutual PLC has nominated its chief financial officer to become chief executive of newly acquired Swedish insurer Skandia and also announced a near-complete reshuffle of its board of directors.

The changes reflect Old Mutual?s increased ownership in the company after a hostile bidding process. Old Mutual declared its offer unconditional on January 26, and had an 88 percent stake in Skandia as of February 10.

Julian Roberts was nominated to take over as Skandia?s CEO as of February 22, when Hans-Erik Andersson will be asked to leave the post, Old Mutual said in a statement.

?Julian ... has a great deal of experience of bringing businesses together and change-management,? Old Mutual CEO Jim Sutcliffe said in a statement. ?This makes him an ideal candidate to ensure Skandia delivers its full potential as part of the Old Mutual group.?

Skandia announced separately that it was nominating five new members to Skandia?s board, with Sutcliffe as the new chairman. Only one current board member, Bjorn Bjornsson, was nominated for re-election at the company?s general meeting on February 21.

Shortly after the bid was sealed, Skandia?s board declared its seats available.