Bill Galvin, chief executive officer of the UK’s Universities Superannuation Scheme (USS), has announced he will step down next year after a decade in the role.
He will continue to lead USS until his successor takes charge. Kate Barker, chair of the USS trustee board, is leading the search for Galvin’s replacement.
During his tenure, Galvin has built a high-performing executive team, and has steered the scheme through challenging circumstances. Under his charge, USS has created much value for members: introducing an innovative hybrid pension offering, building a sector-leading in-house investment team, and creating a pension administration function that receives excellent ratings for service levels and decision support.
Galvin said: “A decade is a long time for a CEO to lead any organisation. I believe it is important that organisation leadership does refresh periodically, and earlier this year started to discuss the implications with Dame Kate.
“To my successor, I would say this: it has been an extraordinary privilege to play a part in the evolution of this incredibly important institution. I work with exceptionally talented and caring colleagues at USS; across the operating businesses and the boards, few organisations have such capability and commitment at their disposal.”
He added: “There is much to do, particularly in these turbulent times, as we continue to improve the scheme in the interests of our members and employers and I will remain very focused on that until it is time to pass the baton.”
Barker said Galvin had been “an outstanding leader for USS” and that “the board and I will be very sorry to see Bill go”.
She said: “His decision is rooted in what he believes is in the best interests of USS, another indication of his personal commitment to the scheme. As a board, we are focused on overseeing a smooth transition, with Bill’s full support, and will make further announcements in respect of his successor in the coming months.”
Separately, Daniel Summerfield, head of corporate affairs at USS, has also announced his departure.
After 20 years at the scheme, Summerfield will leave next week to join Pomerantz LLP – a law firm specialising in securities litigation – on 12 October as the firm’s inaugural director of business development in the UK.
”The last twenty years at USS have been a fantastic journey in the fast moving world of responsible investment and latterly in corporate affairs but it feels the right time to move on and embark on a new adventure,” he wrote on an email to IPE.
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