CANADA - The chief financial officer of flight simulator company CAE Inc has quit to take up a position with the Ontario Municipal Employees Retirement System pension fund.
Paul Renaud (pictured) will join OMERS as senior vice president of finance and administration and chief financial officer from November 1.
“We are delighted Paul is joining us,” said OMERS president and CEO Paul Haggis.
“He has an impressive senior financial management history and will play a key role in helping OMERS realise its future goals as we shift our investment focus and adopt a new organisational model designed to grow the pension fund.”
OMERS is one of Canada’s largest pension funds with $34bn in assets. It provides secure retirement benefits to 34,000 active and retired members on behalf of 900 local government employers across the province.
CAE president and chief executive Robert Brown said: “Paul Renaud has been with CAE for 13 years and he has made a significant contribution towards CAE’s transformation and growth.
“We wish him every success with his new challenges.”
CAE vice president for finance, military simulation and training, Alain Raquepas, will fill the CFO position until a replacement is found.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.