Michelle Ostermann was named CEO of the Pension Protection Fund, London, stepping into the role on April 1.
She will succeed Oliver Morley, who is leaving the PPF on Jan. 31 to take up the role of CEO of The Money and Pensions Service. He has been CEO since 2018.
Katherine Easter, chief people officer, will be interim CEO until Ostermann joins, the PPF said in a news release.
Ostermann is chair of the International Centre for Pension Management, a global retirement industry association. She will continue in that role, which gives the PPF access to fresh thinking and other experts, as well as the chance to showcase the plan's work on a world stage, a spokesperson said. "Michelle's ICPM work is infrequent, and she will have plenty of time and energy to focus on the PPF," the spokesperson added.
Ostermann was most recently senior vice president and global head of capital markets at Public Sector Pension Investment Board, Montreal. Details on her departure could not immediately be learned. PSP Investments had C$243.7 billion ($179.9 billion) in assets as of March 31.
The PPF is the lifeboat pension fund for the plans of insolvent U.K. companies, and has £32.5 billion ($41.4 billion) in assets.
"We are delighted to welcome Michelle to the PPF as we navigate our next chapter," said Kate Jones, chair of the PPF, in the release. "Her member-centric approach and fiduciary experience will certainly help us to continue to play a pivotal role in safeguarding the futures of those who rely on us, while also delivering for our levy payers and other key stakeholders. As a recognized thought leader in the global pensions industry, her vision, curiosity, knowledge, and transformative approach will be invaluable as we continue to explore the possible expansion of our remit in support of the government's economic plans for the U.K. I very much look forward to working with her."
