The Pension Protection Fund (PPF) has confirmed the appointment of a new head of restructuring and insolvency.
Malcolm Weir is to depart Barclays Corporate in his current role of head of corporate insolvency to join the PPF in July 2013 when Richard Favier steps down.
Recoveries from insolvent employers are an important income stream for the PPF, which has collected around £1.4 billion in recoveries, since it opened its doors for business in 2005.
PPF executive director for financial risk, Martin Clarke, said this is a complex and important part of our business which is aimed at minimising the impact on levy payers of schemes entering the PPF.
He said: “Richard, who has been with us since the beginning, has played a crucial role in the success of the organisation and we wish him well for the future. We believe that Malcolm is the ideal replacement, bringing the right level of expertise, knowledge and experience to the role. We look forward to him joining us.”
Malcolm Weir said: “I am confident that my experience will help the PPF go from strength to strength, reassuring the millions of people in the UK who we protect that they will have security in their retirement.”
Richard Favier added: “My time at the PPF has been busy, interesting and challenging, to say the least. It was a difficult decision to stand down from my role here but I am sure that Malcolm will continue the good work.
“The PPF is an important organisation and it has been a real privilege to play a small part in providing vital protection for PPF members.”