The head of one of North America’s biggest pension plans will step down in June after seven years at the helm.
David Denison will be replaced as Canadian Pension Plan Investment Board (CPPIB) president and CEO by Mark Wiseman, the current executive vice-president for investments.
Toronto-based CPPIB manages more than $152bn on behalf of 18m Canadians invested across private and public equity, infrastructure and fixed-income instruments.
That figure would be almost unrecognisable to the business Denison took over in 2005, which had just 70 employees compared to almost 800 today.
Denison triggered a long-term succession plan in 2009 by advising the board of directors of his intention to retire this year.
CPPIB board of directors chairman Robert Astley said, “Mark Wiseman has been instrumental in helping to shape and execute CPPIB’s strategy over the last seven years, consistently demonstrating deep knowledge of our business and culture.
“We undertook a deliberate process, determined to select a successor who would continue to provide outstanding leadership.
“The board unanimously agreed Mark Wiseman was the ideal choice.”
Wiseman joined CPPIB in 2005 from a senior leadership role at the Ontario Teachers’ Pension Plan, and had previously worked for merchant bank Harrowston and law firm Sullivan & Cromwell.
CPPIB recently reiterated its focus on Indian investment by retaining VSG Capital Advisors to aid in its dealing in the sub-continent.
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