PGGM chairman exits over ‘irreconcilable differenc
Karel Noordzij, chairman of the €71bn Dutch health care scheme PGGM, unexpectedly quit following an “irreconcilable difference of opinion” with the health care fund’s governing board.
According to a brief statement released by the scheme, the differences arose over policy matters.
“It has been jointly decided to end the relationship between PGGM and Noordzij. Noordzij has consequently resigned as chairman of the executive directors,” said PGGM. Noordzij had only been in the post for two years.
Noordzij was responsible for strategy, ALM, organisational development, renewal, and relationships with the governing board and external contacts.
The announcement came out of the blue. “I am completely surprised,” said Pensioenfonds Metaal en Techniek director Bert van de Belt, commenting on Noordzij’s resignation. He added he was unsure from where this conflict had arisen.
According to sources close to the fund, there was also an issue about Noordzij’s management style, seen as too high profile for the scheme. PGGM declined to comment on this.
A spokesperson said the falling out “was not because of one single topic or fight”. Rather, it was due to issues of co-operation between Noordzij and the board of
Until a successor to Noordzij has been appointed by the governing board, the other executive directors will perform his duties, with Heino van Essen as acting chairman.
Noordzij took over from Dick de Beus as chairman of in March 2004. He was formerly a director and interim chairman of the Dutch state-owned rail operator Nederlandse Spoorwegen.
It emerged that Noordzij would will get a severance package worth more than €500,000. According to a PGGM spokesperson, “His severance pay is 24 months salary.” In 2004, he earned €255,000.