The Universities Superannuation Scheme (USS) has announced that Carol Young will succeed Bill Galvin as group chief executive later this year.

USS board chair, Kate Barker, led the search for Galvin's successor, with University and College Union and Universities UK-nominated directors also joining Barker on the interview panel.

Most recently working as NatWest director of reward and employment, Young is expected to begin work at USS in September this year, while Galvin, who announced his decision to stand down from the role last year, will continue to lead the organisation until then.

Young has been with NatWest since 2014, previously spending almost five years as Heineken UK head of pensions, and as an investment consultant for Mercer between 2000 and 2009.

Throughout her career, she has led the development and delivery of all aspects of defined benefit (DB) pension strategy, including funding, investment, capital and accounting treatment, regulatory engagement, and benefit design.
She is also a Pensions and Lifetime Savings Association (PLSA) non-executive director and has chaired PLSA policy councils and the Confederation of British Industry (CBI) pension panel.

Commenting on her appointment, Young stated: “I’m delighted to be joining the USS team. Under Bill’s leadership, USS has been known for its focus on innovation, best practice, and member experience.

“It’s an exciting time to get involved, with important work ahead of us. I want USS to remain a great place to work for our colleagues, where we keep driving good outcomes for our members and employers and provide excellent support to our boards. It’s a privilege to take up the role, and I can’t wait to get started.”

USS board chair, Dame Kate Barker, added: “Bill is a very hard act to follow, but I have every confidence that USS will continue to thrive under Carol – who was the stand-out candidate in an outstanding set of applicants.

“Carol has a career-long interest in pension policy, is held in high regard across the pension sector, and brings a relatively unique mix of skills to the role: a proven pensions and HR executive who is also a CFA charter holder and a former investment consultant.

“This is a critical role in USS, and that has been reflected in how we’ve approached the appointment process. I am delighted Carol has agreed to join us, and I look forward to working with her.”

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