MONTREAL, March 13 /CNW Telbec/ - The Caisse de dépôt et placement du
Québec today announced the appointment of Michael Sabia as President and Chief
Executive Officer. In accordance with the Caisse's constituting statute, the
appointment was made by the Board of Directors and ratified by the Québec
government. Mr. Sabia will take up his duties immediately.
Mr. Sabia, who is 55 years of age, was President and Chief Executive
Officer of BCE from 2002 to July 2008, after serving in other senior positions
within the group. Previously, he was Chief Financial Officer at CN when the
railway was privatized and then taken public. He began his career with the
federal Finance Department and later served as Deputy Secretary with the Privy
Council Office in Ottawa.
"We're very pleased that Mr. Sabia has accepted this challenge, and that
we can draw on his financial acumen and experience as a senior corporate
executive. The Board welcomes him to the institution and offers him its full
support," said Robert Tessier, Chairman of the Caisse.
"Mr. Sabia's career has been marked by major achievements," Mr. Tessier
added. "He played a leading role at CN, making into a North American freight
leader, and in key stages of BCE's development, including the simplification
of its operations, which resulted in strengthening the company's balance sheet
and positioning it well for the future. In the 1980s, he played a key role in
the transformation of the Canadian tax system when the GST was introduced."
Mr. Sabia said he was very honoured and proud to take the helm of the
Caisse, one of Quebec's major achievements and a leading financial institution
in Canada and around the world. "The Caisse de dépôt et placement du Québec
has played a unique role in the province and will continue to play a vital
role," Mr. Sabia said. "I'm eager to join its hundreds of dedicated employees
and to work with them to restore Quebecers' pride in the institution."
On behalf of the Board, Mr. Tessier expressed his sincere thanks to
Fernand Perreault for the excellent job he did in recent months, on short
notice, as President and Chief Executive Officer. "Mr. Perreault demonstrated
an exemplary sense of duty and the utmost commitment to the institution," he
About the Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and insurance
plans. As at December 31, 2008, it held $120.1 billion of net assets. As one
of the leading institutional fund managers in Canada, the Caisse invests in
the main financial markets as well as in private equity and real estate. For
more information: www.lacaisse.com
Before joining the Caisse de dépôt et placement as President and Chief
Executive Officer, Michael Sabia had a career marked by major achievements.
From 2002 to 2008, Mr. Sabia was President and Chief Executive Officer of
BCE, Canada's largest communications company. Appointed to that position when
the company was in serious financial difficulty, he returned it to a sound
financial footing, overhauled its strategy and completely restructured it to
focus on its core communications business.
From 1999 to 2002, he was successively Chief Executive Officer of Bell
Canada International and Executive Vice-President and Chief Operating Officer
Canadian National Railway /CN
From 1995 to 1999, Mr. Sabia was Chief Financial Officer of CN. In that
capacity, he worked with the Chief Executive Officer to turn the Crown
corporation into a dynamic publicly traded company. When he left the company,
its net value had more than quadrupled, and CN was on the verge of becoming
the most efficient freight carrier in North America.
From 1993 to 1995, as Vice-President, Corporate Development, he was
instrumental in the successful redeployment of CN's operations and personnel.
Government of Canada
From 1983 to 1993, Mr. Sabia worked for the Government of Canada,
successively holding the positions of Director-General at the Department of
Finances and Deputy Secretary in the Privy Council Office. During that period,
he developed and implemented the goods and services tax (GST) and he was
responsible for establishing government priorities and planning for economic
and tax policy.
Michael Sabia contributes actively to community development. He is
currently Chair of the HIV Vaccine Initiative Implementation Advisory Board, a
joint endeavour of the Government of Canada and the Gates Foundation. Mr.
Sabia was also a member of the North American Competitiveness Council from
2005 to 2008 and Co-Chair of the 2006 Campaign for Centraide Montréal.
Mr. Sabia studied economics and politics at the University of Toronto
(B.A.) and at Yale University (M.A., MPhil.). He also completed the course
requirements for a doctorate at Yale.
For further information: Maxime Chagnon, (514) 847-5493