IBM names UK pensions trustee board member
UK - Computer giant IBM has appointed its European corporate treasurer Jean-Louis de Gandt to replace David Hershberg on the trustee board at the £4.9bn (€7.2bn) IBM UK Pensions Trust Ltd.
"Following David Hershberg's recent retirement from IBM, Jean-Louis de Gandt has been appointed to the Board, with effect from December 7 2006," the company said on its web site.
Hershberg - vice president and assistant general counsel, based in Armonk, New York - was a member of the Trust's investment committee.
De Gandt has been the IBM's treasurer for Europe, the Middle East and Africa for the last seven years.
"With 32 years in IBM, Jean-Louis brings a wealth of experience to his trustee position," said Pensions Trust manager David Newman.
"He has held many senior tax and treasury positions within IBM and has extensive experience of pension matters."
In August IPE reported that Brian Marks, a former member-nominated trustee at the fund, saying he was critical of US executives "flying-in" for trustee board meetings.
The disparity in salaries and cultural differences was a problem - meaning the visitors were "not equipped to be trustees of a UK scheme".