The Supervisory Board of APG Groep N.V. announces the appointment of Gerard van Olphen as the new Chief Executive Officer of APG Groep N.V. (APG) starting mid-March 2016. In this role, he will be responsible for all business activities of APG, which administers the pension schemes of 4.5 million people in the Netherlands on behalf of a number of large pension funds. The appointment of Gerard van Olphen is for a four-year period and has been approved by the supervisory authorities and APG’s shareholders.
Gerard van Olphen (1962) has occupied various executive and management positions in the financial sector over the last 25 years. In 2002, he was appointed Chief Finance and Risk Officer at Achmea, and became Vice-Chairman of the Executive Board in 2008. On request of the minister of Finance in 2013, he took up the role of CEO of the newly nationalised bank/insurer SNS Reaal, where he successfully completed the restructuring of the company. His latest position was Chief Executive Officer of VIVAT Insurance, which ended in September 2015.
Bart Le Blanc, Chairman of APG’s Supervisory Board said: “With Gerard van Olphen, APG will get an exceptionally knowledgeable and experienced executive officer. Together with his colleagues on the Executive Board, Gerard will need to steer APG through the coming years, when 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. 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.”
Pay
To be able to recruit high quality leadership, APG needs to offer an attractive and balanced remuneration package. To determine this, APG uses a broad, carefully selected reference group, including the financial services sector and semi-public service organisations. The new CEO will receive a fixed salary and pension contribution, but no variable remuneration or bonus. The gross salary will be €500,000; the pension contributions will amount to €66,000. This represents a 10% decrease in salary level compared to the previous CEO of APG.