TSX Symbol: CIX
TORONTO, Aug. 25 /CNW/ - CI Financial Corp. ("CI") today announced key management appointments that reflect the strength and development of the executive team.
Effective September 1, 2010, William T. Holland will transition from his position as Chief Executive Officer to the role of full-time Executive Chairman of CI. As Executive Chairman, Mr. Holland will devote his energies to important strategic initiatives and pursuing a growth mandate. Mr. Holland has been with CI since 1989, serving in progressively senior positions, including Senior Vice-President, Sales and Marketing, and Executive Vice-President and Chief Operating Officer, before being appointed President and Chief Executive Officer in 1999. In May 2005, Mr. Holland relinquished the responsibilities of President to Stephen A. MacPhail.
In what is a natural evolution for CI, Mr. MacPhail will become Chief Executive Officer in addition to President. Mr. MacPhail joined CI in 1994 as Chief Financial Officer, shortly after the company went public. Mr. MacPhail assumed the additional responsibilities of Chief Operating Officer in November 1999, before being named President in 2005.
"Steve and I have worked closely together for over 15 years with an extraordinary team of talented executives," Mr. Holland said. "We will continue to work together to ensure that CI achieves further success and growth and takes full advantage of the emerging opportunities in our industry. This transition has been under consideration for a number of months and I view it as an alignment of titles, since Steve and I have essentially been performing these roles for some time. I take great pride in the company that we have built and look forward to the opportunity to focus on strategic initiatives."
"It is an honour to be appointed Chief Executive Officer of CI," Mr. MacPhail said. "I am proud of what the CI team has accomplished and I am excited by the prospect of continued growth. These changes position CI for the continued development of its next generation of leaders."
CI also announced that Mr. MacPhail and Peter W. Anderson, Executive Vice-President of CI and a member of the company's senior executive team since 1997, have been appointed to the Board of Directors at a meeting of the Board held today. The Board has been increased from seven to nine members, with a majority of members independent of management.
"CI has been fortunate to have had such continuity in management," said Ronald D. Besse, Lead Director and Chair of the Governance Committee of the Board of Directors. "Bill, Steve and Peter have been a strong team and we see this as an obvious next step and part of an orderly transition of roles and responsibilities. The Board is also pleased to invite Steve and Peter to serve as directors. Both gentlemen are well known to the Board and will provide additional industry expertise and seasoned business judgment."
G. Raymond Chang, who currently serves as non-executive chairman, will continue to serve on CI's Board of Directors. Mr. Chang has been with CI in senior positions for over 25 years, including a number of years as President and Chief Executive Officer.
"We are delighted that CI will continue to benefit from Ray's extensive knowledge of the industry, his financial expertise and his long experience as a successful businessman," said Mr. Besse.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company with approximately $88.8 billion in fee-earning assets as of July 31, 2010. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com/cix.
SOURCE CI Investments Inc.
For further information: For further information: William T. Holland, Chief Executive Officer, CI Financial Corp., (416) 364-1145