Gerard van Olphen, the chief executive officer of the €531bn Dutch pension asset manager APG, will leave his post in spring 2021.
Van Olphen, who had been in charge of APG since 2016, had signed a new four-year contract as recently as February.
In a video message to staff, Van Olphen said he used the coronavirus lockdown period to reflect on his work-life balance, concluding he wanted to give more attention to his private life.
In addition to citing private reasons, Van Olphen said he sees APG’s new 2025 strategy as “a natural moment” to make way for a successor. As part of its new strategy, APG is now once more open to taking on new pension fund clients.
Pieter Jongstra, chair of the supervisory board of APG Group, said he respected Van Olphen’s decision, adding he “would have liked to make longer use of the committed chairman of the board that Gerard has been for APG.”
Van Olphen committed to staying on as CEO until spring to ensure a smooth succession. APG’s supervisory board has started the procedure to find a new CEO, hoping to announce the appointment of a successor by spring.
Under Van Olphen’s leadership, APG sold off its insurance arm Loyalis and its administration platform Riskco which were no longer seen as core activities.
APG also hailed Van Olphen as having presided over an improvement of the execution of the pension administration.