BP hires Bridgeland as new pension CEO (updated)
UK - Sally Bridgeland is leaving consultants Hewitt to become the new chief executive of the BP pension scheme. (updated with details on the fund)
After around 20 years at the consultant group she is "looking forward to the new challenge" and very "enthusiastic" about heading the £13bn (€19.1bn) pension fund, Bridgeland told IPE.
It is not yet clear when she will be joining BP, but she only handed in her notice at Hewitt on Friday. Her last roles in the company included head of investment research and participating in innovative projects on long-term responsible investment.
Bridgeland said that it was too early to say what areas she will be particularly looking at within the fund. But she said that there was at the moment "no need for dramatic changes" regarding the asset allocation as the fund was well funded.
BP said that Bridgeland will be taking over as chief executive of BP Pension Trustees Ltd. from Reg Hinkley around the middle of the year. Hinkley had been appointed around two years ago to implemented changes to the management structure.
The BP pension scheme currently has a £2bn surplus compared to FRS17 deficit calculations. It is a final salary defined benefit scheme that is still open to new members.