Marcus Wallenberg Takes on Bigger Role as Adviser to Ukraine

Marcus Wallenberg is turning 70 with no plans for an abrupt retreat from public and corporate life. This year, the Swedish business leader added a new responsibility to his long list of senior assignments: advising the Ukrainian government on rebuilding the country after the war.

Wallenberg joined an international group of advisers in the spring after an invitation from Chrystia Freeland, Canada’s former foreign minister and a close adviser to Ukrainian President Volodymyr Zelenskyy. Wallenberg said he has known and respected Freeland for years. She assembled the group around people she believed could make a contribution.

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There are many people who want to get involved in rebuilding Ukraine.

“I have got to know Chrystia Freeland over the years and respect her greatly,” Wallenberg said. “She has brought together a group of people whom she believes can contribute. It is mainly about issues concerning the country’s reconstruction.”

He describes his task in practical terms: identifying competent people who can help with the enormous effort Ukraine will face as it recovers. He also pointed to the commercial interest surrounding that work. “For those who want to get involved, there will be business opportunities,” he said.

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I have got to know Chrystia Freeland over the years and respect her greatly. She has brought together a group of people whom she believes can contribute. It is mainly about issues concerning the country’s reconstruction.

Wallenberg has met Zelenskyy during the Ukrainian president’s visits to Sweden and described him as a person with an exceptionally strong determination to succeed. “One can only imagine what it is like to bear ultimate responsibility for one’s country, everything that must be achieved, defending oneself and keeping morale up in a very complicated world,” he said.

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For those who want to get involved, there will be business opportunities.

Wallenberg declined to rank his new role alongside his other commitments. He has served for more than 30 years on the boards of AstraZeneca, defence group Saab and bank SEB, where he remains a long-serving chairman. He said he had not really begun scaling back yet, but expected to work differently in the future rather than stop suddenly.

The broader Wallenberg business sphere is also entering a generational shift. Members of the fifth generation, now in or approaching their seventies, are helping introduce a sixth generation, including Wallenberg family members born in the 1980s and 1990s who have joined several boards.

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One can only imagine what it is like to bear ultimate responsibility for one’s country, everything that must be achieved, defending oneself and keeping morale up in a very complicated world.