Patrick Luthi was named CEO of U.K. multiemployer defined contribution plan NOW: Pensions, London, a spokeswoman said.
Mr. Luthi replaced Troy Clutterbuck, who stepped down with immediate effect. Mr. Clutterbuck feels that now is the right time to hand the reigns to Mr. Luthi for the next stage of development with the £750 million ($955 million) plan's parent company, Cardano, the spokeswoman added.
Cardano's acquisition of NOW is expected to be completed later in 2019.
"Mr. Luthi's appointment supports the integration of NOW: Pensions into the Cardano Group. His experience will be invaluable as NOW: Pensions enters the next stage of growth and development," Mr. Rowland, non-executive chairman of Cardano, said.
Mr. Luthi worked as group chief financial officer at Cardano and was responsible for finance, operations and technology since 2015.
