The former chief executive of Siemens Pensionskasse is to take over as chairman of Valida Vorsorge Management, after Andreas Zakostelsky announced he would leave to focus on his career in politics.

Stefan Eberhartinger, former head of Siemens Pensionskasse – renamed Valida Industrie Pensionskasse upon its takeover by Valida in 2012 – has been named chairman of Valida Vorsorge Management, the holding for Valida’s Pensionskasse, Vorsorgekasse and consultancy.

Zakostelsky has stepped down to pursue his political career, following his election to Austria’s lower house in 2013.

In a press release, Raiffeisen Bank, one of the main shareholders in the Valida Group alongside the insurer Uniqa, said Zakostelsky would continue to focus on the “strategic development of retirement provision in Austria”.

He will also stay on as head of Austria’s pension fund association FVPK and remain “special envoy”, helping Valida with strategic questions regarding retirement.

Last year, Eberhartinger was appointed to the board of the Valida Holding together with Albert Gaubitzer to work alongside Zakostelsky and tackle the administrative clean-up of joining several pension funds bought by Valida over the last years.

From now, Eberhartinger will cover asset management, consulting, product development and membership management, while Gaubitzer will be responsible for operations, IT, risk management and finances as the only two board members at the Valida Holding.

The seats Zakostelsky is vacating as chariman on the supervisory boards of the three Valida Holding subsidiaries – the Pensionskasse, the Vorsorgekasse and the consultancy – would be “filled by summer”, Raiffeisen said.  

For 2014, Valida Pensionskasse reported above average returns.