APG Appoints Insurance Veteran as CEO

The Dutch pension manager has confirmed the permanent replacement for Dick Sluimers.

Gerard van OlphenGerard van Olphen, incumbent CEO, APGEurope’s largest pension manager APG has hired Gerard van Olphen as its CEO, succeeding Dick Sluimers.

Van Olphen will take up the role for a four-year term beginning in mid-March, APG said in a statement. Angelien Kemna, chief finance and risk officer, will continue as acting CEO until van Olphen joins.

In 2013, van Olphen moved into the top role at SNS Reaal at the request of the Dutch finance minister following the financial services conglomerate’s nationalization. Under his leadership, the group sold its insurance arm VIVAT to Chinese insurer Anbang for €150 million ($164 million).

Van Olphen exited the group in September last year.

Bart Le Blanc, chairman of APG’s supervisory board described van Olphen as “exceptionally knowledgeable and experienced.”

However, Le Blanc added that the new CEO would need to help navigate APG through a period in which “potentially far-reaching changes in the Dutch pension system will occur.”

“These changes might trigger new requirements in the nature and the quality of APG’s services,” Le Blanc added. “With his extensive experience in the financial world, Gerard will be of great value to APG, our customers and their participants. We sincerely welcome Gerard and we look forward to an inspirational cooperation.”

Van Olphen will receive a fixed salary of €500,000, plus a total €66,000 pension contribution, but with “no variable remuneration or bonus,” APG said.

“This represents a 10% decrease in salary level compared to the previous CEO,” the group added.

Former CEO Sluimers stepped down as CEO on January 1 after a 25-year career at APG and its main pension fund client, ABP. This included overseeing a restructure of APG during the past three years.

Related: APG CEO Dick Sluimers to Resign & I Don’t Want to Be a Role Model