CANADA - Richard Guay, president and chief executive officer at Caisse de dépôt et placement du Québec (CDPQ) has resigned his post but will remain in an advisory role.
He added: "The Caisse is pleased that it can continue to rely on his expertise and in-depth knowledge of the organization and financial instruments."
Guay will be the strategic advisor to the president and CEO from tomorrow (January 8).
Guay took a medical leave of absence in November and has now "decided for personal reasons to step down", according to a press release yesterday. Maxime Chagnon, spokesman, declined to say if his departure was due to medical reasons.
Fernand Perreault, who replaced Guay during his leave of absence, will step in as interim president and CEO for the next six months. René Tremblay, president and chief executive officer of Ivanhoe Cambridge, a Caisse subsidiary, will replace Mr. Perreault as executive vice-president, real estate on an interim basis.
The board plans to search for a permanent president and CEO after Caisse's results are announced in February, said Mr. Chagnon. The board will consider internal and external candidates and typically hires an executive search firm to assist, he added.
Guay is the second president and CEO to depart in the past year. In May 2008, Henri-Paul Rousseau left the C$155.4b ($US131.6b) system to join the private sector.
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