TSX Symbol: CIX
TORONTO, Feb. 11, 2016 /CNW/ - The Board of Directors of CI Financial Corp. ("CI") today announced that Chief Executive Officer and President Stephen MacPhail will retire effective June 30, 2016 after a 22-year career at the Corporation. Peter Anderson will be replacing Mr. MacPhail as Chief Executive Officer.
Mr. Anderson was formerly an Executive Vice-President and a member of the Board of Directors of the Corporation. He also held the positions of Chief Investment Officer and Chief Executive Officer of the Corporation's subsidiary CI Investments Inc. After leaving the Corporation in 2012, he has been a director and, most recently, the interim Chief Executive Officer of Aston Hill Financial Inc.
The Board of Directors also announced that Sheila Murray, Executive Vice-President and General Counsel, has been appointed President of the Corporation. William T. Holland remains in his position as Executive Chairman of the Board of Directors.
In his career at CI, Mr. MacPhail has held the positions of Chief Financial Officer, Chief Operating Officer, and President. "I have been extremely fortunate to be part of such a successful organization and work with such a capable team for over 22 years," Mr. MacPhail said. "We have just achieved another year of record profits and CI continues to be recognized as a leader in the Canadian wealth management business. I have always said that when there was a succession plan in place and I was nearing 60, I would pass the baton. I am delighted that my good friend Peter Anderson has agreed to return to CI and lead this incredibly talented management team."
Mr. Holland, former Chief Executive Officer of CI, remarked on his 22-year partnership with Mr. MacPhail: "What a strange feeling it will be to look to the office next to me and for the first time in over 22 years, not see Steve. It would be impossible for me to overstate his achievements and immense contribution to CI. From our initial public offering in 1994 to the $100 billion plus organization we are today, Steve was instrumental in every facet of our success. As a shareholder and colleague, I know that I speak for all when I say, 'Thank you Steve, and good luck.'"
About CI Financial
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company with approximately $141.4 billion in assets as of January 31, 2016. Its primary operating businesses are CI Investments Inc., one of Canada's largest investment managers, advisory businesses Assante Wealth Management and Stonegate Private Counsel, and First Asset Capital Corp., a leader in providing actively managed exchange-traded funds to the Canadian marketplace. CI is on the Web at www.cifinancial.com.
SOURCE CI Financial Corp.
For further information: William T. Holland, Executive Chairman, CI Financial Corp., (416) 364-1145