David Denison, President and Chief Executive Officer of the Canada Pension Plan Investment Board (CPPIB) will be retiring from his position on June 30, 2012. He will be succeeded by Mark Wiseman, currently CPPIB’s Executive Vice-President, Investments.
The announcement was made by CPPIB’s Board of Directors today. “David Denison’s leadership has been exceptional in managing the assets of the CPP on behalf of 18 million Canadians while fostering a culture capable of undertaking the largest and most complex transactions in the world. He has developed a talented team dedicated to CPPIB’s purpose while placing an uncompromising premium on integrity,” said Robert M. Astley, Chair of CPPIB’s Board of Directors. “His successor, Mark Wiseman, has been instrumental in helping to shape and execute CPPIB’s strategy over the last seven years, consistently demonstrating deep knowledge of our business and culture. We undertook a deliberate process, determined to select a successor who would continue to provide outstanding leadership. The Board unanimously agreed Mark Wiseman was the ideal choice.”
Denison triggered a long-term succession plan by advising the Board of Directors in June 2009 of his intent to retire in 2012. Since becoming President and CEO in January 2005, Denison launched CPPIB’s active investment approach, putting in place a professional team, internal capabilities and sophisticated systems. As a result, global investments across diverse asset categories in both public and private markets have significantly contributed to the Fund’s growth.
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“I am delighted with the Board’s selection of Mark Wiseman. He has been an outstanding colleague and leader within CPPIB,” said David Denison. “I can think of no one better suited and able to lead this great institution through its next stage of growth and evolution.”
Mark Wiseman, age 41, is currently responsible for CPPIB’s overall global investment programs, along with other responsibilities related to the organization’s long term strategy. He joined CPPIB in June 2005 after a senior leadership role at the Ontario Teachers’ Pension Plan. He has also served as officer with Harrowston Inc., a publicly traded Canadian merchant bank, and as a lawyer with Sullivan & Cromwell, practicing in New York and Paris. A former law clerk to The Right Honourable Beverley McLachlin at the Supreme Court of Canada, Wiseman holds a BA from Queen’s University and a law degree and MBA from the University of Toronto. He was also a Fulbright Scholar at Yale University where he obtained a masters degree in law and is a certified member of the Canadian Institute of Corporate Directors.
“It is a distinct honour to have been selected to lead this institution and to succeed an extraordinary leader like David Denison,” said Mark Wiseman. “I am committed to driving our existing culture focused on integrity, partnership and high performance, while carefully listening to and diligently serving our stakeholders. And, I look forward to taking the helm at a time when CPPIB is playing an increasingly important role globally, investing in order to ensure the long-term growth and sustainability of the CPP Reserve Fund.”
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2011, the CPP Fund totalled $152.8 billion. For more information, please visit www.cppib.ca
Edited by: Kristin Craik