Ontario Teachers' to lose member of its senior management team

The hunt is on for a replacement to continue transformational journey

Ontario Teachers' to lose member of its senior management team
Steve Randall

Ontario Teachers’ Pension Plan Board is to begin a search for a new chief financial officer following the announcement that incumbent Tim Deacon is leaving after three years with the organization.

Deacon joined in 2021 with more than 20 years of senior leadership experience in financial management and global investments and departs on April 5, 2024, for “a leadership role at a financial institution.” It has since been revealed that he is joining Sun Life Financial as executive vice-president and CFO, succeeding Manjit Singh, who is now president of Sun Life Asia.

Jo Taylor, Ontario Teachers’ president and CEO, paid tribute to the outgoing CFO acknowledging his impact on the organization.

"Tim has made a very strong contribution in his time at Ontario Teachers', overseeing impactful transformation initiatives within and beyond the Finance Division and serving as an experienced and accessible executive team member and leader to colleagues across our offices.  We wish him well in the future," he said.

Investment leaders

Earlier this month, the pension plan board announced some investment leadership internal appointments, including Bernard Grzinic as executive managing director, Capital Markets; Steve Saldanha as executive managing director, Total Fund Management; and Robert Sturgeon as senior managing director, Global Investment Strategy.

"We are pleased to appoint our longstanding, experienced investments colleagues to their new leadership roles," said Stephen McLennan, chief investment officer, Asset Allocation. 

These follow previous promotions for Gillian Brown, Stephen McLennan, and Jonathan Hausman to new leadership roles and the executive team.

However, the past few weeks have not been all good news, with Ontario Teachers’ net return for 2023 falling well short of its benchmark as its high exposure to global real estate lost out, while it was underweight some high-performing equities.