NETHERLANDS – Wim Van Winden has taken over from Noud van den Heuvel as managing director of the 14.7 billion euro pension fund of Dutch electronics group Philips.

Philips Pensioenfonds said on its website that Van den Heuvel would retire on January 1. He has been succeeded by Wim Van Winden, who previously worked in Philips’ corporate treasury department.

Philips’ pension fund is run by a wholly owned subsidiary of the company, asset manager Schootse Poort, which took over the administration of the pension in January 2002. Schootse Poort, headed by former Philips Pensioenfonds managing director Dick Snijders, manages more than 16 billion euros for 166,000 fund members.