Former senior official Ray Gilmour has been appointed chief executive
Alberta Investment Management Corp.
Gilmore,
former deputy executive council minister, was appointed interim CEO of AIMCo on Nov. 8 last year, a day after the Alberta government fired the entire pension and endowment fund board and four members of the management team, including the then-CEO.
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Alberta Finance Minister Nate Horner blamed the shuffle on rising costs without corresponding returns for the fund, which was set up to operate at arm's length from the government and manages the pensions of a number of clients, including teachers, municipal employees and judges. But insiders said there was growing disagreement over decisions made by the management team and board, including those related to the creation of international offices and energy transition funds.
Shortly after Gilmour was named interim CEO just over a year ago, the Alberta government appointed the former premier.
as Chairman of AIMCo and created a permanent non-salaried seat on the board of directors to be held by the Deputy Minister of the Provincial Treasury and Finance. The board position was added “to provide more consistent communication between AIMCo and the Alberta government.”
Prior to joining AIMCo, Gilmour served as Deputy Minister of the Alberta Executive Council for over five years and held other senior government positions, including Deputy Minister of Finance, Intergovernmental Affairs and Infrastructure.
Prior to joining the Government of Alberta, he worked in the banking and financial services industry for 15 years. A chartered professional accountant by training, Gilmour also holds a Master of Business Administration from the University of Saskatchewan.
“The Board has full confidence in Ray's clear management experience and proven ability to succeed both as a leader of this organization and as an effective steward of the funds that AIMCo manages on behalf of its clients,” Harper said in a statement.
When Harper was appointed AIMCo chairman just over a year ago, three of AIMCo's 10 former directors rejoined the reduced board.
At the time, pension and governance professionals expected that replacing the interim CEO would be a top priority for the reconstituted board of directors and its chairman to restore confidence in the arm's length model. But some have also noted that, following the government's shock reorganization of AIMCo, it may be difficult to recruit qualified investment management professionals.
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