AIMCo names former senior bureaucrat Ray Gilmour as permanent CEO
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The Alberta Investment Management Corp. is an institutional investor headquartered in Edmonton. Photo by Larry Wong/Postmedia filesArticle contentFormer senior bureaucrat Ray Gilmour has been named chief executive of Alberta Investment Management Corp.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentGilmour, Alberta’s former deputy minister of executive council, was installed as interim CEO of AIMCo on Nov. 8 last year, the day after the Alberta government jettisoned the entire board of the pension and endowment fund and four members of the management team, including then-CEO Evan Siddall.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentAlberta Finance Minister Nate Horner blamed the shakeup on rising costs without commensurate returns for the fund, which was set up to operate at arms-length from government and manages pensions for a range of clients including teachers, municipal employees and judges. But insiders said there was growing friction over decisions made by the management team and board, including those involving the establishment of international offices and energy transition funds.Article contentPosthasteBreaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentShortly after Gilmour was appointed interim CEO a little over a year ago, the Alberta government named former prime minister Stephen Harper as AIMCo’s chair and established a permanent unpaid board seat to be filled by the province’s deputy minister of treasury board and finance. The board position was added “to ensure more consistent communications between AIMCo and Alberta’s government.”Article contentBefore Gilmour joined AIMCo, he was Alberta’s deputy minister of executive council for more than five years and held other senior positions in government including deputy minister roles in finance, intergovernmental relations and infrastructure.Article contentArticle contentPrior to joining the Alberta government, he worked in the banking and financial services industry for 15 years. A chartered professional accountant by training, Gilmour also has a masters of business administration from the University of Saskatchewan.Article contentRead More Former AIMCo chief executive Evan Siddall joining BMO AIMCo keen to explore Carney's energy corridor proposals if fit is right: new CIO Article content“The board has complete confidence in Ray’s clear management expertise and proven ability to excel, both as leader of this organization and as an effective steward of the funds AIMCo manages on behalf of its clients,” Harper said in a statement.Article contentWhen Harper was appointed chair a little over a year ago, three of AIMCo’s 10 former directors re-joined the scaled-down board.Article contentAt the time, pension and governance professionals expected that replacing the interim CEO would be a top priority for the reconstituted board and its chair to re-establish confidence in the arms-length model. But some also noted that it could be a challenge to recruit a skilled investment management professional in the wake of the government’s shock reorganization of AIMCo.Article content• Email: bshecter@nationalpost.com Article contentTrending The Federal Reserve’s rate cut was a clear signal to investors Investor Posthaste: A metric that tells how Canadians are really doing is improving for the first time in years News McKinsey plots thousands of layoffs in consulting slowdown Work CRA's 100-day plan results are not the presents Canadians want or need Taxes Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance Share this article in your social network Get the latest from Barbara Shecter straight to your inbox Sign Up CommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.
The Federal Reserve’s rate cut was a clear signal to investors Investor Posthaste: A metric that tells how Canadians are really doing is improving for the first time in years News McKinsey plots thousands of layoffs in consulting slowdown Work CRA's 100-day plan results are not the presents Canadians want or need Taxes Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance