MONTREAL, Jan. 5 /CNW Telbec/ - Pierre Brunet, Chairman of the Caisse de
dépôt et placement du Québec, announced today that Richard Guay had decided,
for personal reasons, to step down as President and Chief Executive Officer.
"The Board of Directors has accepted his resignation. It understands Mr.
Guay's decision and has thanked him for his contribution to the Caisse's
management since May 2008," Mr. Brunet stated. The resignation will take
effect on January 7, 2009.
Further to this decision, Mr. Guay will continue to work for the
institution and, starting January 8, will hold the position of Strategic
Adviser to the President and Chief Executive Officer, providing counsel on
investment policy and asset allocation. "The Caisse is pleased that it can
continue to rely on his expertise and in-depth knowledge of the organization
and financial instruments," Mr. Brunet stated.
Mr. Guay was appointed President and Chief Executive Officer on September
5, 2008, having been responsible for interim management of the institution
since May 30, 2008. He has worked for the Caisse since 1995, in positions that
include Chief Investment Officer (2006-2008) and Executive Vice-President,
Risk Management and Depositors' Accounts Management (2002-2006).
The Caisse's Board of Directors has recommended that the Québec
government approve the appointment of Fernand Perreault as President and Chief
Executive Officer for a period of six months ending July 7, 2009. "The Board
believes it is appropriate at this time to entrust Mr. Perreault with a
transitional mandate. During this transition, Mr. Perreault and the senior
management team will contine to implement the appropriate decisions so as to
adapt the Caisse's strategies to the changes caused by the global financial
and economic crisis," Mr. Brunet explained.
The Board of Directors will undertake the recruitment of a new President
and Chief Executive Officer at the appropriate time.
René Tremblay, President and Chief Executive Officer of Ivanhoe
Cambridge, a subsidiary of the Caisse de dépôt et placement du Québec, has
also been appointed Executive Vice-President, Real Estate, to replace Fernand
Perreault. Mr. Tremblay will hold this position on an interim basis from
January 8 to July, 7, 2009, and in this capacity will be a member of the
Caisse's Executive Committee.
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, 2007, it held $155.4 billion of net assets. 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
For further information:
For further information: and source: Maxime Chagnon, (514) 847-5493