Robert Chestnutt was named CEO of the NatWest Group Pension Fund, London, succeeding longtime executive Robert Waugh.
The appointment is effective March 31.
Mr. Waugh was the £36 billion ($43.5 billion) pension fund's CEO and co-CIO for 13 years. He will retire at the end of March. Mr. Waugh said in an email that he will next focus on non-executive roles.
Mr. Chestnutt is head of funding and risk at RBS Investment Executive, which is responsible for advising the fund's trustees. Mr. Chestnutt's replacement is not yet known, Mr. Waugh said.
Nic Barnes, co-CIO alongside Mr. Waugh, will become sole CIO, also effective March 31.
"As the leader of Natwest Group Pension Fund, Robert successfully executed an historic turnaround, taking the fund from a troubled position post the global financial crisis to a fully funded position today," Joanna Matthews, chairwoman of the trustee board, said in a news release Thursday.
"He oversaw the outsourcing of the administration services and a significant improvement in member options and service," she added.
