Bill Galvin will step down next year as group CEO at the Universities Superannuation Scheme, London, after a decade leading the £90.8 billion ($103.6 billion) retirement plan.
Mr. Galvin will remain at USS until a successor takes charge, a news release said Wednesday. The search will be led by Kate Barker, chairwoman of the USS trustee board.
A spokesman for USS said the recruitment process will commence "imminently," with executive search firm Spencer Stuart appointed to aid in the process.
"A decade is a long time for a CEO to lead any organization," Mr. Galvin said in the release. "I believe it is important that organization leadership does refresh periodically, and earlier this year started to discuss the implications with" Ms. Barker.
Mr. Galvin added that he will "remain very focused" on continuing to improve the plan in the interests of its participants and member employers, "until it is time to pass the baton."
His decision to leave USS "is rooted in what he believes is in the best interests of USS," Ms. Barker added in the same release.
USS is the plan for universities and other higher education institutions in the U.K. It has more than 500,000 participants across 330 institutions. The plan is made up of a defined benefit and a defined contribution plan.