Philips scheme appoints director (Correct)

NETHERLANDS – The board of directors of the Philips Pension Fund has appointed Jasper Kemme, 42, as the new director of the fund (Corrects reference to Mercer in 2nd paragraph).

The move follows the outsourcing of the schemes assets and administration to Merrill Lynch Investment Managers and Hewitt Associates that was announced yesterday.

Kemme’s appointment will become effective on June 1, if it is approved by the Dutch central bank.

He takes over from Wim van Winden, who will become chief financial officer of Philips Electronics Nederland.

Kemme is currently head of the legal department and member of the management team of the Philips Pensions Competence Centre – which is being bought by MLIM.

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