Unexpected move appears to contrast the orderly succession plan outlined by his predecessor
There has been a surprise exit at the Canada Pension Plan (CPP) Investment Board after investment chief Mark Wiseman decided to walk away.
According to a Financial Post report, the executive who is responsible for investments on behalf of the country’s largest pension fund will walk away after just four years in the role of chief executive. The move has come as a surprise as the exit of his predecessor David Denison, from whom Wiseman took over the role in June 2012, was planned for months with Denison indicating that the CPP would have an “orderly long-term succession plan”. Denison retired aged 60, whereas Wiseman is moving on aged just 45.
A source for the publication suggested that Wiseman had moved on for another position – but did not indicate where he may be headed or who will replace him. The source suggested the departure was amicable and that there were no concerns with his leadership. However, another source reportedly suggested there were issues related to his style of leadership and his travel schedule. The fund has expanded rapidly overseas during Wiseman’s tenure – with offices opened in New York, Mumbai and Sao Paulo.
It is expected that Wiseman’s successor will be announced later today along with the CPP’s annual financial results.
According to a Financial Post report, the executive who is responsible for investments on behalf of the country’s largest pension fund will walk away after just four years in the role of chief executive. The move has come as a surprise as the exit of his predecessor David Denison, from whom Wiseman took over the role in June 2012, was planned for months with Denison indicating that the CPP would have an “orderly long-term succession plan”. Denison retired aged 60, whereas Wiseman is moving on aged just 45.
A source for the publication suggested that Wiseman had moved on for another position – but did not indicate where he may be headed or who will replace him. The source suggested the departure was amicable and that there were no concerns with his leadership. However, another source reportedly suggested there were issues related to his style of leadership and his travel schedule. The fund has expanded rapidly overseas during Wiseman’s tenure – with offices opened in New York, Mumbai and Sao Paulo.
It is expected that Wiseman’s successor will be announced later today along with the CPP’s annual financial results.
