AUSTRIA - Johannes Ziegelbecker, who has run the Austrian multi-employer Pensionskasse ÖPAG since its launch in 1990, has resigned from his position as CEO.

Ziegelbecker will also step down from his post on the supervisory board of the ÖPAG's severance pay fund ÖVK.

Ziegelbecker himself was not available to comment today and a spokesman for the ÖPAG confirmed Ziegelbecker was leaving in mid-October, but said he did not know where he was going.

The ÖPAG's supervisory board has named Bernhard Breunlich, current head of the ÖVK, as new member of the management board to work alongside Rudolf Böhm while Stefan Teufer, now general manager at the ÖVK, will be replacing Breunlich.

The changes are part of a larger shake-up in the Raiffeisen group following the creation of the new retirement subsidiary "Vorsorge Holding" which will comprise ÖPAG, ÖVK as well as the group's consultancy Planpension. (See earlier IPE article: Pensionskasse gets new roof)

At the holding's first meeting Andreas Zakostelsky was confirmed as head of the new company.

No replacement for Zakostelsky has been named yet at Raiffeisen Capital Management.

Other members of the management board will be Breunlich and Robert Kerschbaumer from the Austrian insurer Uniqa.

The new Vorsorge Holding will be owned by the Raiffeisen banking group (52.9%), Uniqa (40.1%), bank Schelhammer Schattera (2.5%) as well as three smaller local banks owning 1.5% each - the ownership structure mirrors the current holdings in ÖPAG and ÖVK.

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