PPF founding head of restructuring and insolvency steps down

THE PENSION PROTECTION FUND'S head of restructuring and insolvency is to step down from his role in July.

Richard Favier OBE joined the PPF at its inception in 2005 and received an OBE for services to business in 2011, Accountancy Age's sister publication Professional Pensions reports. 

During his time in the role, the lifeboat fund collected around £1.4bn in recoveries, making them an important income stream that reduces the impact of schemes entering the PPF on levy payers.

Favier will be replaced by Malcolm Weir, currently head of corporate insolvency at Barclays Corporate, who has lengthy experience in restructuring, reorganisation, and corporate recovery.

Favier said: "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."

PPF executive director for financial risk, Martin Clarke, said restructuring was an important and complex part of the lifeboat fund's business.

He said: "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."

Weir said he was delighted to take on the role and hoped his experience would help the PPF go "from strength to strength".

The announcement comes a day after the PPF announced another high-profile appointment, with Barry Kenneth set to join the fund as chief investment officer in June.