IGM chief executive Jeff Carney steps down for health reasons

Industry leader retires after Alzheimer's diagnosis, former Scotiabank group head named as replacement

IGM chief executive Jeff Carney steps down for health reasons

Jeff Carney is retiring as president and chief executive of IGM Financial and IG Wealth Management after being diagnosed with the early stages of Alzheimer's disease.

James O'Sullivan, a former group head for Canadian banking at Scotiabank, has been appointed as president and CEO of IGM Financial. O'Sullivan will also replace Carney as a director.

Damon Murchison, executive vice-president, head of retail for Mackenzie Investments, has been appointed president and CEO of IG Wealth Management.

The changes are effective immediately.

IGM Financial is a diversified wealth and asset management company with about $173 billion in total assets under management. It is a subsidiary of Power Financial Corp., and houses both wealth managers Investors Group Inc. and Investment Planning Counsel Inc., along with asset manager Mackenzie Financial.

In statement this morning, Carney said: "While this is a tough decision to make, stepping aside at this time is the right move for both my family and the company. I know I am leaving the leadership of IGM in excellent hands and have great confidence in its future.”

Carney replaced Murray Taylor as chief executive officer of IGM in 2016, as well as president and chief executive officer of the advisory firm Investors Group. He was also president and CEO of asset manager Mackenzie Financial from 2013 until 2016.

In 1992, he helped launch TD Bank’s brokerage division TD Evergreen Investments, now known as TD Private Wealth. In 2001, he moved to the U.S. to take on executive positions with Fidelity Investments and then Charles Schwab Corp. He returned to Canada in 2008 when he joined Putnam Investments, also a subsidiary of IGM’s parent firm Power Financial.