A record 82 applicants have thrown their hats into the ring for the top job at Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund (Oljefondet). The search for a new leader—whose selection is widely expected to favor the incumbent Nicolai Tangen—has attracted a mix of well-known figures and relative unknowns, with only one woman among the applicants.
A diverse field of contenders, but only one woman
The recently published candidate list reveals a broad spectrum of backgrounds, reflecting a variety of professional experiences. Among the challengers to Tangen’s bid for a new five-year term is Erlend Grimstad, former State Secretary from the Ministry of Finance. Frode Pleym, head of Greenpeace Norge, brings an environmentalist perspective, vowing to push the fund towards greener investments. The list also includes figures from business and entertainment, such as self-proclaimed “dekk-konge” (Tire King) Tommy Sharif and comedian Markus Vangen. Meanwhile, economist and governance expert Jacob Bjorheim, who previously applied for the position of central bank chief, is also vying for the role.
The financial sector is well represented, with Kristian Kjelsberg from Formue Norge and Danish candidate Kristian Flyvholm from Sovereign Investors bringing capital management expertise to the competition. Additionally, Torkel Rogstad, a Bitcoin enthusiast who applied five years ago, has thrown his hat in the ring once more.
However, a stark gender disparity looms over the selection process: of the 82 candidates, 81 are men, leaving just a single woman among the applicants. This imbalance underscores ongoing challenges in gender representation at the highest levels of financial leadership.
Nicolai Tangen: the front-runner
Tangen, who assumed the role in September 2020 after an unprecedented appointment process, is widely expected to secure a new term. Known for his unconventional and personal style—a departure from his predecessor Yngve Slyngstad—Tangen has already expressed his deep commitment to the role. Shortly after announcing his reapplication, he told DN:
“I love working with my talented colleagues in the Oil Fund. This is the most meaningful thing I have ever done in my life. Together we have achieved a lot in recent years, but I don’t feel that the job is finished.”
Despite his evident passion, some veteran voices in the government apparatus believe the fund could be managed even better. Former state secretary Erlend Grimstad hints at the possibility of fresh leadership, even though he did not provide further comments immediately.
The selection process will involve interviews conducted by Norges Bank’s main board, an employment committee, and the recruitment firm Spencer Stuart—hired to find strong candidates. Early indications suggest that Spencer Stuart’s search has not uncovered any contenders able to undermine Tangen’s favored status.
A Clash of priorities: cost and climate
Among the challengers, Frode Pleym of Greenpeace Norge stands out with a radically different vision. Pleym criticizes Tangen’s approach, arguing that a leader with a more pronounced environmental focus could shift the fund’s investments away from companies like Exxon, Shell, and major weapons manufacturers. Highlighting his own cost efficiency, Pleym remarked:
“I think that I can have approximately ten percent of that salary and get along very well. Then the rest can be invested in companies other than Exxon and Shell and weapons companies.”
For context, Tangen currently earns a hefty salary of seven million NOK (approx. €700,000). Pleym’s proposal suggests a dramatic reduction in executive pay, with the potential savings being redirected towards more sustainable investments.
Pleym, while acknowledging his satisfaction with his current position, is eager to wield greater influence over the fund’s impact on climate policy. He added a touch of humor in his written application to Norges Bank:
“PS: I promise not to text too much with Elon Musk.”
Leadership Style and Challenges Ahead
Tangen’s tenure has been marked by significant milestones. He notably steered the fund past the 20,000 billion NOK mark—a testament to strong market performance, substantial new oil revenues, and a weak Norwegian krone. However, his time in charge has not been without controversy. Tangen’s informal communication style, including a well-publicized text exchange with Tesla’s CEO Elon Musk, has drawn criticism and prompted calls for a slightly more formal approach. Reflecting on this, Tangen admitted:
“I take note that we have ended up in a situation that has been a bit awkward. So instead of being 100% myself, I will now be 90% myself. Or 85. Or maybe 50. I don’t know, I just have to calibrate that. I don’t know what 50%of myself looks like.”
Additionally, Tangen faces challenges from political quarters regarding the fund’s mandate—such as the current prohibition on investments in unlisted shares—which continues to spark debate both domestically and internationally.
What lies ahead
As Norges Bank’s main board begins the review process and calls select candidates for interviews, the future direction of the Norwegian sovereign wealth fund hangs in the balance. With a mix of traditional financial expertise and fresh, even controversial, perspectives on offer, the decision could set the tone for how the fund navigates both economic and environmental challenges in the years to come.
With candidates from diverse sectors and ideologies in the running, this recruitment process is not just a routine leadership transition—it’s a potential turning point for one of the world’s largest investment funds. The coming weeks promise to reveal whether Tangen’s blend of personal flair and financial acumen will continue to define the fund, or if a new approach might take the helm.
