John Chilman was named CEO of RPMI Railpen, the in-house investment manager of the £29 billion ($37 billion) Railways Pension Scheme, London, a spokesman said.
Mr. Chilman will replace Phil Willcock in June. Mr. Willcock was named CEO at insurance firm AIG Life, the spokesman said, and will leave at the end of February.
David Maddison, managing director, scheme; Paul Sturgess, managing director, pension business; and Julian Cripps, managing director, investment business; will lead the senior leadership team and manage the day-to-day operations of RPMI in interim.
"(Mr. Chilman's) past knowledge and experience of RPMI and his reputation as an innovative leader for many years in the pensions industry will be invaluable to ensure RPMI continues to deliver the trustee's mission of paying members' pensions securely affordably and sustainably," Chairman Babloo Ramamurthy said in a news release.
Mr. Chilman was group head of pensions at National Grid, where he, overseeing their pension arrangements in the U.K. and U.S. A spokesman could not be reached to comment about a replacement.