Sabia to leave CDPQ; National Bank’s Vachon denies interest in positionBy The IJ Staff | November 13 2019 01:40PM
Following the release of several news reports speculating about possible successors who could replace outgoing Caisse de dépôt et placement du Québec (CDPQ) president and CEO, Michael Sabia, National Bank Financial released a statement from its own president and CEO, Louis Vachon, who says he is committed to the bank and his current position.
"My responsibility is to oversee the operations of National Bank and that will remain my only priority in the coming years," Vachon said in a statement Nov. 13.
The announcement comes on the heels of Sabia’s announcement that he will leave the CDPQ in February 2020 for a new position at the Munk School of Global Affairs and Public Policy at the University of Toronto.
“Courageously stepping up to the challenge of leading CDPQ in 2009 following the financial crisis, Michael and his team have rebuilt the organization and repositioned it with new ideas, while creating international career opportunities for Quebec’s financial professionals,” CDPQ’s chairman Robert Tessier said in a statement released by the CDPQ on Tuesday. “On behalf of the board and all the employees, I would like to thank Michael for his vision and deep commitment to the CDPQ.”
The Caisse says it has retained the services of an international recruitment firm to support its review of potential candidates. Tessier says the board intends to conclude the process and appoint a government-approved successor in early 2020.