Thursday, December 3, 2020

AIMCo chief to leave helm early in wake of $2.1 billion loss

AIMCo chief to leave helm early in wake of $2.1 billion loss

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“To be honest, we have to scale regardless,” Wiseman said.

“There is a strong belief that I and the entire board share in the power of a strong public asset manager and in that regard, irrespective of what takes place around the potential for Alberta to split from CPP or not, Alberta needs, deserves, and should have a world-class public asset manager.”

AIMCo’s board is being transparent about the search for a new CEO and timing of the leadership changeover because, though it might have been preferable to wait until a successor is found, “you can’t do a search process in this day and age without it becoming public,” Wiseman said.

It will be a broad international undertaking, with candidates both inside and outside the asset manager considered for the top job, he said.

Wiseman and Uebelein worked together previously at the Canadian Coalition for Good Governance, an institutional investor rights group, and they said AIMCo is intent on creating the kind of smooth and well-thought-out CEO transition plan that the CCGG pushes corporations to adopt.

“The world is changing fundamentally … for us and our clients,” Wiseman said. “This is all about looking forward. (AIMCo) can and will be even better in the decades ahead and it’ll grow from the strong foundation Kevin has helped put in place.”

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