Else Bos, chief executive officer of Dutch pension manager PGGM, is to exit the company on 1 November.

Bos will “take on a new position elsewhere”, PGGM said in a statement.

She has been CEO since 2012, having taken on the role from Martin van Rijn, who is now the Netherlands’ secretary of state for health, welfare, and sport.

During her period in charge of PGGM, Bos has overseen an expansion of its fiduciary offering as well as a major restructuring of its wider business in 2014. Aimed at reducing operational costs by up to €50m, the restructuring project included cutting 200 jobs.

In 2015, the group shut down its hedge fund programme following the decision of its main client, the healthcare fund PFZW, to divest completely from its allocation to hedge funds.

Bos first joined PGGM – the Netherlands’ second largest pension manager – in 2002. She was appointed CEO for investments in 2004, and chief of institutional business in 2010. She has also worked for ABN Amro and NIB Capital Management.

Edwin Velzel, the new chairman of PGGM’s supervisory board, said: “With conviction and vision, Else Bos has made an important contribution to the development of PGGM over the past few years.

“Her ability to give such committed leadership to the prudent management and result-driven and sustainable investment of the pensions of 2.9m participants has been a remarkable achievement. We are very grateful for everything Else has accomplished for PGGM and we wish her success in her future career.”

Bos described PGGM as “an organisation of committed professionals with a green heart who are devoted to creating a valuable future for participants and members”.

PGGM runs €206bn in assets for Dutch pension funds including PFZW and the doctors’ scheme SPH.

Earlier this month Eduard van Gelderen, CEO of APG Asset Management, the largest pension manager in the Netherlands, announced his departure from the group to join the University of California’s investment team.

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