Chris Hitchen will leave his role as CEO of RPMI, the manager of the £25 billion ($32.1 billion) Railways Pension Scheme, London, within the next year, said a spokesman.
The process to install a replacement is underway and RPMI will be announcing plans for the future leadership of the organization in due course, the spokesman added.
“I have for some time been working with senior stakeholders on a succession plan for RPMI, and now is the right time to put it into effect. I am confident that I am leaving the organization, and members' pensions, in very safe hands,” Mr. Hitchen said in a news release.
John Chilman, chairman of the Railways Pension Trustee Co., said in the release: “I and my fellow trustee directors would like to thank (Mr. Hitchen) for the exceptional service he has given to the railways pension schemes over some 19 years. We respect his desire for a fresh challenge and will be announcing our plans for the future leadership of the organization shortly.”
Mr. Hitchen joined RPMI as investment director in 1998. He has overseen the plan's investment transformation program, aimed at lowering costs and sharpening the organization's focus on real returns.
“ITP was a fantastically worthwhile and inspiring program, which was necessary for us to meet our mission of paying members' pensions securely, affordably and sustainably in a low-return world. It has been an honor to serve the needs of one-third of a million railway workers and their employers,” Mr. Hitchen added in the release.
