Tim Jones resigned effective year-end as CEO of National Employment Savings Trust, London, a spokeswoman said.
The £335 million ($512.3 million) defined contribution plan, which was created by the government for lower-income U.K. workers, said in a statement that the recruitment process for a new CEO already has begun. The spokeswoman said Mr. Jones will remain with NEST until the end of the year, and the plan has until then to appoint a replacement.
Mr. Jones is leaving to develop a global digital money product next year, the spokeswoman said. He was CEO of NEST's predecessor, the Personal Accounts Delivery Authority, which was launched almost eight years ago.
“(Mr. Jones) has successfully taken NEST from the early stages of development through to the first key stages of delivery and established NEST as an integral part of auto enrollment in the process,” said Otto Thoresen, chairman at NEST. “(His) long-standing interest in digital money is well-known, and we all wish him every success with his new project. In the meantime, I am grateful to Tim for giving us advance notice of his intentions and allowing for an orderly transition.”
