NETHERLANDS - PGGM, the €74.4bn Dutch pension fund currently undergoing an identity rethink, has appointed Heino van Essen chairman of executive directors.
Van Essen has been acting chairnan since March of this year, when previous chairman Karel Noordzij left PGGM because of an "irreconcilable difference of opinion" with the board of governors.
The appointment, which is subject to the approval of the Nederlandsche bank, will be effective during the "decision-making and strategic planning phases" of the fund's corporate overhaul.
However, once the new strategy has been put in place, PGGM's board of governors plans to reassess its team of executive directors, which currently includes Else Bos and Rene van de Kieft along with van Essen.
PGGM's rethink has led to much speculation over the future direction of the fund. Some say it may decide to mop up smaller, struggling pension schemes, whilst others say it may move into the investment management or consultancy arena.
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