Chris Hogg was named CEO of £3 billion ($4.7 billion) Royal Mail Pension Plan, London, confirmed a company spokeswoman.
Mr. Hogg, head of funding, will replace Gerry Degaute, who is retiring from the plan at the end of May. A replacement for Mr. Hogg in his current role has yet to be determined.
In April 2012, the U.K. government began taking on £37.5 billion in liabilities from the pension fund, as well as £28 billion of assets ahead of plans to privatize the business. The efforts over time were intended to result in a fully funded £2.5 billion plan that Royal Mail would keep after privatization.