Partha Dasgupta said today he will step down as CEO of the U.K.s Pension Protection Fund when his contract expires in June 2009.
He has been at the PPF, Britains equivalent of the PBGC, since it was created in 2005. He was first named director of investment and finance, and was then appointed CEO in June 2006.
It was the right time to do something new, Mr. Dasgupta said in a telephone interview. I put my heart and soul into building the organization, so it was quite a difficult decision. But I decided it was good to go out on a high.
Mr. Dasgupta said he hasnt decided what he will do after he leaves the fund. The board will most likely start a search for his successor in September or October, he said.
A PPF spokesman said a decision about how the fund would conduct the search has not been made yet.
The board, his colleagues and me, personally are sorry that Partha has decided to leave but totally understand and respect his decision, Lawrence Churchill, PPF chairman, said in a statement. It has been a great pleasure to work with such a talented individual whose grasp of a wide variety of complex issues has been second to none."