NETHERLANDS – The 1.5 billion-euro Stork pension fund has appointed a new managing director.

Gerard Rutten will take over as head of Stichting Pensioenfonds Stork as of February 1 2004. He is replacing Kees van Rees who has been acting as interim head since the departure of Luc van Gastel.

Van Gastel was fired in February as a result of alleged “mismanagement and fraud”. He had been managing director of the pension fund since 1984, and was due for retirement at the beginning of April this year. At the time Stork said that no damage had been done to the pension fund as a result of van Gastel’s behaviour.

At present, Rutten works as risk and finance control manager at Akzo Nobel pension fund.

A spokeswoman for chemicals and drugs firm Akzo said that no replacement has yet been decided upon.