TORONTO, Sept. 5 /CNW/ - Eileen Mercier, Chair, today announced that
Claude Lamoureux will retire as President and Chief Executive Officer of the
Ontario Teachers' Pension Plan (Teachers') at the end of 2007. Jim Leech,
currently Senior Vice-President, Teachers' Private Capital, has been appointed
his successor, effective December 1, 2007.
"Claude is a visionary and a pioneer," said Ms. Mercier "He leaves in
place a legacy of member service and investment wisdom that is emulated by
other pension plans and funds worldwide. The teachers of Ontario today enjoy a
pension income that simply would not have been possible without his skill and
"Initially a lone institutional investor voice advocating the need for
improved corporate governance, he put shareholders' rights on the front page
and has kept them there, largely through the Canadian Coalition for Good
Governance, which he co-founded. His contribution to the Canadian capital
markets cannot be over-estimated," she added.
Ms. Mercier noted that the board was unanimous in its appointment of Mr.
Leech. "The board's Human Resources and Compensation Committee undertook a
fair, transparent and comprehensive succession process review over the
previous months in anticipation of Claude's retirement. We took the same
approach we would expect of our portfolio companies: a comprehensive
succession process to ensure the best possible successor to Claude, for the
best possible impact on the organization and its members. Teachers' has a
tradition of cultivating its talent internally and promoting from within, and
we are thrilled to be able to announce Jim as Claude's successor."
Mr. Lamoureux is Teachers' inaugural CEO. He was appointed by then Chair
Gerald Bouey in 1990, when the government established the new independent
corporation to replace the Ontario Teachers' Superannuation Fund. As CEO, he
was responsible for building an organization that could significantly grow the
existing fund, and meet members' needs for service. In 1990 the fund's
$19 billion of assets all were in Ontario government bonds. Under his
leadership, the fund has grown to a well-diversified $106 billion as of
year-end 2006, and the plan's client service is second to none worldwide.
"Claude has always kept Teachers' true to the vision that differentiates
it from other major pension plans: innovative inhouse expertise both in
administering pensions and delivering investment results," said Ms. Mercier.
"The result is a world-renowned institution."
An actuary by profession, Mr. Lamoureux joined Teachers' from
Metropolitan Life, where he had a successful career in their Toronto, New York
and Montreal offices.
Mr. Leech joined Teachers' in 2001 with a mandate to expand Teachers'
private investment activities globally. Since then, Teachers' Private Capital
has become one of the world's largest private investors, with assets now
exceeding $16 billion, including private equity, venture capital,
infrastructure and timber. Mr. Leech also is a director at Cadillac Fairview,
Teachers' real estate subsidiary.
Mr. Leech is the former President and CEO of Unicorp Canada Corp., one of
Canada's first public merchant banks, and Union Energy Inc., then one of North
America's largest integrated energy and pipeline companies. He graduated from
the Royal Military College of Canada with a B.Sc. (Honours Math and Physics)
and holds an MBA from Queen's University. He is a certified director, as a
graduate of the Institute of Corporate Directors.
Mr. Leech's successor has not yet been appointed.
With $106 billion in net assets as at December 31, 2006, the Ontario
Teachers' Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund's assets and
administers the pensions of 271,000 active and retired teachers in Ontario.
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