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PGGM chairman exits over policy

NETHERLANDS – Karel Noordzij, PGGM’s chairman, has 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 Mr Noordzij. Mr Noordzij has consequently resigned as chairman of the executive directors,” said PGGM. Noordzij had only been in the post for two years.

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 told IPE the falling out “was not because of one single topic or fight”. Rather, it was due to issues of cooperation between Noordzij and the board of governors.

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.

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