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Canada Pension Plan Investment Board CEO David Denison is retiring at the end of June and will be replaced by Mark Wiseman, the current head of investments.
Denison, who has been CEO since the start of 2005, advised the pension plan's board of directors back in the summer of 2009 that he intended to retire this year.
Denison, who was born in Newfoundland and raised in Montreal, has had a lengthy career in financial services, working at firms such as Merrill Lynch, Midland Walwyn and Mercer Consulting. Before joining CPPIB he was president of Fidelity Investments Canada.
At CPPIB he spearheaded the initiative to do more active investing - as opposed to passive investments in stocks, bonds and funds - and built up a team of professionals and systems that has enabled the plan to become a globally recognized deal-maker.
"David Denison's leadership has been exceptional in managing the assets of the CPP on behalf of 18 million Canadians while fostering a culture capable of undertaking the largest and most complex transactions in the world," Robert Astley, the chair of CPPIB's board, said in a press release.
"His successor, Mark Wiseman, has been instrumental in helping to shape and execute CPPIB's strategy over the last seven years, consistently demonstrating deep knowledge of our business and culture," Astley added. "We undertook a deliberate process, determined to select a successor who would continue to provide outstanding leadership. The board unanimously agreed Mark Wiseman was the ideal choice."
Wiseman, 41, joined CPPIB in the summer of 2005 from the Ontario Teachers' Pension Plan.