Aerospace manufacturer Boeing will lose Gary Bland, head of the company's pension funds, when the firm moves to Chicago.
Originally Bland, vice president - trust investments at the company, was to have moved with the company from Seattle. However, according to a source at the fund, Bland has now changed his mind and will retire at the end of August.
The impending move to Chicago means that the company will have to replace key members of its pensions staff, as they will not be moving with the firm. With the exception of Jim Wadhwani, director-trust investments, the rest of Boeing's team is reportedly leaving the company.
Whoever Boeing selects to replace Bland and his team will oversee a $41bn defined benefit (DB) fund and a $24bn defined contribution (DC) 401(k) scheme.
By Geoffrey Ho
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Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers