EDC announces Acting President & CEO, begins search process for next CEO

OTTAWA, May 27, 2013 /CNW/ - The Board of Directors of Export Development Canada (EDC) today announced the appointment of Pierre Gignac, EDC's Senior-Vice-President, Enterprise Risk Management and Chief Risk Officer, as Acting President and CEO.

The Board appointment takes effect June 3, 2013. EDC's Board will work with the Minister of International Trade and the Privy Council Office (PCO) to officially extend Mr. Gignac's acting term until the date that the office of President ceases to be vacant. The extension will ensure continuity in leadership in the event that the office of the President continues to be vacant after the sixty-day acting period limit provided for in the Export Development Act, in anticipation that the search process could extend into the fall.

"Mr. Gignac's deep knowledge of EDC's business and strong relationships with key customers make him the ideal candidate to assume the interim leadership of the Corporation," said Linda Hohol, Acting Chair of EDC's Board of Directors. "Mr. Gignac brings both a steady hand to the operational fulfillment of EDC's corporate plan and a strong leadership style that the Board believes is well suited to a smooth transition period."

Mr. Gignac has held key senior executive positions within EDC, appointed as Senior Vice-President, Enterprise Risk Management in January 2012 after serving as Senior Vice-President, Insurance, since January 2004. Mr. Gignac joined EDC in April 1999 as Director, Claims and Insurance Accounting and later moved to Vice-President, Insurance and Loans Services and then Vice-President, Short-Term Credit and Risk Assessment.

Prior to joining EDC, Mr. Gignac held senior posts during a 14-year career at Metropolitan Life Insurance Company.

Mr. Gignac is a Fellow of the Society of Actuaries, a Fellow of the Canadian Institute of Actuaries, and a Chartered Financial Analyst. He is a graduate of Columbia University's Senior Executive Program and has a Bachelor's degree in Actuarial Sciences from Laval University in Quebec City.

Mr. Gignac's appointment follows the departure of Stephen Poloz, who will assume the Governorship of the Bank of Canada on June 3rd, 2013.

The process to determine EDC's next permanent CEO has begun and will be carried out jointly by EDC's Board of Directors, the Minister of International Trade and the PCO. The President and CEO position at EDC is appointed by the Government of Canada.

EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 7,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.

SOURCE Export Development Canada




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