Austria’s VBV Pensionskasse CEO to step down amid restructuring

Günther Schiendl, board member of VBV Holding and chief executive officer of its Pensionskasse, will leave the group at the end of 2026.

VBV has decided not to extend Schiendl’s contract as it progresses with a restructuring process that merges the investment departments of the Pensionskasse and the provider fund (Vorsorgekasse).

“Due to the planned merger of VBV’s investment operations into one group division, Günther Schiendl’s term of office on the management board, which runs until the end of 2026, will not be extended,” said Markus Posch, chair of VBV’s supervisory board.

The merger between the investment divisions, which manage close to €18bn in combined assets, is a further step in deepening integration across the VBV group.

VBV began restructuring operations in 2022 to leverage synergies and create a more efficient structure. Changes implemented so far at group level include consolidation of HR, legal, corporate social responsibility (CSR), customer and sales functions, as well as marketing, sales support and digital services.

“The merger of the investment divisions is the logical next step for our company to make VBV even more effective and cost-efficient for the benefit of its clients,” said VBV group chief executive officer Andreas Zakostelsky.

VBV, which also manages a pension service centre, an occupational pension consultancy and an asset service company, has recently strengthened its domestic market position.

Its Pensionskasse took over IBM group’s pension liabilities, pushing assets under management past €10bn.

IBM has since closed its corporate pension fund in Austria, leaving only two independent company pension funds in the country: the Bundespensionskasse and the Pensionskasse der Sozialversicherungsanstalt for social security staff.