Richard Beaven
The Pension Protection Fund (PPF) has appointed Richard Beaven as acting chief executive (CEO) with immediate effect.
Beaven's appointment follows the departure of Michelle Ostermann, who has stepped down after nearly two years in the role.
Beaven currently serves as chief operating officer and in addition to his new role as acting CEO, he has been appointed to the lifeboat fund's board as executive director.
PPF chair Kate Jones said: "The board would like to thank Michelle for her contribution to the PPF. During her time as CEO, she brought valuable international experience and insight, added some brilliant talent to the senior leadership team and played a central role in shaping our 2025-28 strategy, helping position the organisation strongly for the future, in support of the members we serve.
"We are grateful to Richard for accepting the role of acting CEO. He will provide stability, clarity and focus during this transition, working with the support of our strong executive team."
Ostermann commented: "During two rewarding years at the PPF, it has been my privilege to work with an exceptional team, dedicated to delivering security and stability for members. I am proud of the progress made during my tenure and in the meaningful transformation advanced across the industry during that time.
"I will now refocus on pensions at a global level, alongside my role as chair of the International Centre for Pension Management. I look forward to sharing more in due course."
Beaven added: "It's a privilege to take on the role of acting CEO at such an important time for the pensions industry. I look forward to working closely with the Board and my executive colleagues to ensure the organisation continues to deliver on its priorities and support the millions of people who rely on the protection we provide."
