Pensions - Articles - PPF appoints new Head of Restructuring and Insolvency

 The Pension Protection Fund (PPF) today (Thursday) announced the appointment of a new Head of Restructuring and Insolvency, replacing Richard Favier OBE who has announced he will be stepping down in July 2013.

 Malcolm Weir is currently Head of Corporate Insolvency at Barclays Corporate and has lengthy experience in restructuring, reorganisation and corporate recovery.

 Recoveries from insolvent employers are an important income stream. The PPF has collected about £1.4 billion in recoveries, since it opened its doors for business in 2005.

 This may also involve negotiation with companies on the verge of insolvency.

 PPF's 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.

 "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'm delighted to have been chosen for this important role. 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."