The supervisory board of the €410bn Dutch asset manager and pensions provider APG has appointed Gerard van Olphen as its new chief executive officer, starting in mid-March.

Van Olphen is to succeed Dick Sluimers, who left at the end of last year. 

In his new role, he will be responsible for all business activities of APG, which is the provider for several pension funds – including the €351bn civil service scheme ABP – with 4.5m participants and pensioners.

APG’s new chief executive has held various executive and management positions in the financial sector, including chief finance and risk officer as well as vice chairman of the executive board at Achmea.

At the request of the Dutch government he took up the role of chief executive of the then-newly nationalised bancassurer SNS Reaal, where he completed the restructuring of the company.

His latest job, until September last year, was CEO of VIVAT Insurance.

Bart le Blanc, chairman of APG’s supervisory board, said: “With Gerard van Olphen, APG will get an exceptionally knowledgeable and experienced executive officer.

“Together with his colleagues, he will have to steer APG through the coming years, when potentially far-reachting changes in de Dutch pensions system will occur.”

Le Blanc continued: “These changes might trigger new requirements in the nature and quality of APG’s services.

“With his extensive experience in the financial world, Gerard will be of great value to APG, our customers and their participants.”

APG said the new chief executive will receive a fixed gross annaul salary of €500,000 as well as €66,000 of pension contributions, but no variable remuneration or bonus.

This represents a 10% decrease in salary level compared with Van Olphen’s predecessor.