France’s ERAFP names former airport executive to replace CEO Desfossés

Former airport executive turned government official Laurent Galzy has been appointed as the new chief executive of ERAFP, the €30bn French Public Service Additional Pension Scheme, for a four-year term.

He takes over from Philippe Desfossés, who has held this position since 2008.

As RI has reported, Desfossés confirmed he was going to be replaced, after spending more than a decade positioning the scheme as a leader in sustainable investment globally.

“By a decree published on November 30, Laurent Galzy has been appointed as the new Chief Executive Officer of ERAFP, the French Public Service Additional Pension Scheme, for a period of four years from 1 December 2018,” a statement said.

As Desfossés told RI in September: “There are many ways to serve your country and a cause that goes beyond it.

“The main priority for me is to continue with the work I have been doing at ERAFP on sustainability, climate change and the financing of the transition [to a low-carbon economy].“That might mean working for an asset manager or private sector body.”

His surprise departure comes after Nicolas Hulot’s shock resignation as Ecology Minister.

As we have also reported, Desfossés was ostensibly swept aside by a tidal wave of change in French pensions.

Galzy holds a master’s degree in economics and is a former student of the French National School of Administration (ENA).

He is a former top executive at Aéroports de Paris, where his most recent role was as Deputy Director General International. He left ADP in 2017 to join France’s Ministry for the economy, finance and public accounts as general economic and financial controller.

In this role he has oversight of French state nuclear energy firm Orano and is involved in the Paris Olympic 2024 bid, according to his LinkedIn profile.

ERAFP is France’s number one public service pension scheme and a 100% SRI investor, having adopted an SRI Charter in 2006.