BT reveals Chessells' replacement
UK - Rod Kent has today been announced as the new chairman for the UK’s largest pension fund, replacing Sir Tim Chessells.
Chessells announced earlier this year he would be stepping down on December 1 after nine years as chairman, but was then forced to delay that move when Mark Anson, chief executive of Hermes - the investment house wholly-owned by but largely managing the BT pension fund - also announced his departure to Nuveen Investments in the US.
Kent, 60, will now take up his new role on January 1, 2008 for an initial three-year term to oversee the £40bn (€56.2bn) pension fund, once he has relinquished his role as chairman of investment house Close Brothers plc.
He was previously chief executive of Close, as well as being chairman of Bradford & Bingley, and chairman of the Whitbread pension scheme at an earlier date and chairman of M&G.
Commenting on Chessells’ departure, Sir Mike Rake, chairman of BT, said:
“BT is very grateful to Sit Tim Chessells who has been a wonderful servant to the Scheme and its members for nearly a decade. He has presided over strong asset performance during a period of exceptional market and regulatory change.”
Assets held by the BT pension schemes were valued at £38.3bn to March 31, 2007.
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