Bill Galvin has informed the USS Board of his decision to stand down as the scheme’s Group Chief Executive.
Bill will step down in 2023 after a decade in the role. He will continue to lead USS until his successor takes charge. Dame Kate Barker, Chair of the USS Board, is leading the search.
During his tenure, Bill has built a high-performing executive team, and has steered the scheme through very 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.
Bill 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.
“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.”
Dame Kate said: “Bill has been an outstanding leader for USS: passionate about the scheme’s purpose, about its people, and about the vital importance of quality pensions to the higher education sector. Under his guiding hand, USS has become one of the most high-performing and efficient private pension schemes in the country.
“The board and I will be very sorry to see Bill go. 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.”