Pension Insurance Corporation has promoted Tracy Blackwell to deputy chief executive officer. Tracy will take over from John Coomber as PIC’s chief executive officer when he retires on the 30 June 2015.

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Tracy has worked for PIC since the company was founded in 2006, and has been a board director since 2011.

Sir Mark Weinberg, chairman of PIC’s board, said: “With a strong track record at PIC, overseeing our asset strategy as the portfolio has grown to almost £14 billion, Tracy has been instrumental in developing our business and our values and is the right person to lead PIC on to further growth and success.”