Skandia has fired CEO Lars-Eric Petersson and called Leif Victorin, 62, out of retirement to take over his duties. The firm's board was not swayed by Petersson's offer to work for 12 cents through the end of the year, reports the New York Times.

Petersson, who had been CEO since 1997, had overseen the Swedish insurer's foray into the United States market that ended earlier this year with the sale of American Skandia to Prudential Financial for $1.15 billion.

The board also is looking into Skandia's practices on reporting, compensation, ethics and communication and information, reports the paper. 

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