CANADA - Claude Lamoureux will retire as president and CEO of the Ontario Teachers' Pension Plan (OTPP) at the end of the year. He will be replaced by Jim Leech.
Lamoureux has been CEO of OTPP since its inception in 1990, when it was created by the government to replace the Ontario Teachers’ Superannuation Fund. His role was to build up the organisation, grow AuM (then standing at C$19bn of Ontario government bonds) and meet “members’ needs for service”.
Commenting on his departure, Eileen Mercier, chair of the OTPP, said: “[Claude] leaves in place a legacy of member service and investment wisdom that is emulated by other pension plans and funds worldwide.”
Mercier also lauded Lamoureux’s efforts in advocating the need for improved corporate governance: “He put shareholders’ rights on the front page and kept them there.”
Lamoureux’s replacement, Leech, is currently senior vice president at Teachers’ Private Capital, the private investment arm of OTPP, with C$16bn in AuM. He is also a director at Cadillac Fairview, the real estate subsidiary of OTPP.
According to Mercier, the board was unanimous in its appointment of Leech, who has been at OTPP since 2001. He will take over as CEO on 1 December 2007.
As of year end 2006, OTPP had $106bn in AuM. At the end of August, the plan signed a deal to buy 50.8% of a Chilean water company, Empresa de Servicios Sanitarios del Bio-Bio S.A. (ESSBIO), for C$356.5m (US$340m).
Industry Voice: Sponsored by Eaton Vance
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.