PPF: Partha Dasgupta to stand down as CEO in June 2009

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Thursday, 28, Aug 2008 12:00

Chief Executive of the Pension Protection Fund (PPF), Partha Dasgupta, announced today (Thursday) that he will stand down in June 2009.

He said: “This has been the most enjoyable, challenging and rewarding job of my career and, when I step down in June next year, I will look back with enormous pride and satisfaction at what the PPF has achieved in such a short space of time.

“It has been a great privilege to lead this organisation with its exceptionally talented and committed people. It has also been a privilege to have helped shape the UK’s pension protection regime that is now delivering real security in retirement for 12 million pension scheme members.

“The PPF has been an excellent platform for me to test myself. I feel that after four and a half years the time is right for me to broaden my skills, knowledge and experience through a new challenge.“

PPF Chairman, Lawrence Churchill, added: “Partha has made an outstanding contribution to establishing and developing the Pension Protection Fund to the strong position it commands today.

“The Board, his colleagues - and me, personally - are sorry that Partha has decided to leave but totally understand and respect his decision. It has been a great pleasure to work with such a talented individual whose grasp of a wide variety of complex issues has been second to none. I look forward to continuing to work closely with Partha who, I’m sure, will make a great contribution to whatever role he chooses next.”

Ends

Notes to editors

1.Partha Dasgupta, 39, joined the PPF in January 2005 as Director of Investment and Finance, and was appointed Chief Executive in June 2006. Prior to joining the Pension Protection Fund, Partha spent ten years at Barclays Global Investors where he was latterly Managing Director Fixed Income Europe. He is also a non-executive director of the UK Statistics Authority.

2.The Pension Protection Fund, which opened its doors to business on 6 April 2005, was set up under the provisions of the Pensions Act 2004. It has been established to pay compensation to members of eligible defined benefit and hybrid pension schemes when there has been a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation.

For further press information contact: Richard Hunt on 0208 633 5931/0789 4255561 or Ana Moreno on 020 8633 4932/ 07961 957 480