PGGM board member to become acting CEO

Kees Beuving was named acting CEO at PGGM, the manager of the €185 billion ($210 billion) Pensioenfonds Zorg en Welzijn in Zeist, Netherlands, a spokesman said.

Starting February, Mr. Beuving, board member, will take the place of Edwin Velzel, who is on medical leave, the spokesman said.

Paul Boomkamp, chief financial officer and chief risk officer, is covering Mr. Velzel's responsibilities until Mr. Beuving starts next month.

Mr. Velzel is expected to be on leave for a couple of months.