Normand Provost, executive vice president for private equity at Canadian institutional investor Caisse de dépôt et placement du Québec is to retire after 33 years.
Provost will continue in his current role until a successor is appointed in 2014 and will then remain with the Caisse as a strategic adviser to the president.
The Caisse said it has launched a search process to identify a successor in preparation for the departure of Provost, who oversees the private equity team.
Michael Sabia, the Caisse’s president and CEO, said, “He established our current private equity business model, assembled teams and successfully generated solid, sustainable results throughout his career, during all phases of the market cycle.”
“Since 1980, he has used his unparalleled business judgment, exceptional qualities as a negotiator and strong ability to deliver results to serve our organization, our depositors and Québec’s economic development. The strength of his commitment has made him one of the pillars of what the Caisse is today. On behalf of the entire team at the Caisse, I would like to thank him sincerely for his remarkable contributions and, on a more personal note, for the high-quality strategic advice he has given me.”
During his career Provost has held various positions, from adviser and investment manager for midsize businesses, to president and CEO of CDP Capital – Americas, the Caisse’s private equity subsidiary. Since September 2009, Provost has also assumed the leadership of all the Caisse’s initiatives in Québec.
He also served as COO from April 2009 to March 2012, overseeing the transformation of operations and information technology at the Caisse.
The Caisse de dépôt et placement du Québec manages funds primarily for public and private pension and insurance plans with C$176.2bn in net assets. Earlier this year it confirmed the launch of a new natural resources fund which will provide hybrid financing structures to local companies.
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