MONTREAL, Oct. 9, 2013 /CNW Telbec/ - La Caisse de dépôt et placement du Québec today announced that Michael Sabia's mandate as President and Chief Executive Officer has been renewed for a further five-year period. In accordance with la Caisse's statutes, the appointment was made by the Board of Directors and ratified by the Government of Québec.
"Michael Sabia more than met the considerable challenges of his first mandate. He put la Caisse back on track after the 2008 financial crisis, and repositioned our investment strategy to better navigate a changing world economy. He achieved all of that while delivering excellent financial results, investing in Québec and throughout the world, and leading a substantial renewal of the organization itself. This exceptional performance led the Board to recommend unanimously the renewal of Michael's mandate as President and CEO," said Robert Tessier, Chair of the Board of la Caisse.
"Since 2009, with the entire Caisse team, we have built more solid foundations for the future, which will help us realize la Caisse's full potential," said Michael Sabia, President and CEO. "Of course, as I always say, we still have a lot of work to do. Our next big challenge is to ensure la Caisse is, and is seen to be, among the world's finest institutional investors. This will require time, rigour and relentless commitment. Our goal remains the same: to better serve our depositors and all Quebeckers," added Mr. Sabia.
"On a more personal note, I am honoured by the decisions of our Board and of the Government of Québec that give me the opportunity to continue building this unique institution. I look forward to the work that is ahead of us to meet the requirements of our two-fold mandate: to generate strong returns and to contribute to Québec's economic development," Mr. Sabia concluded.
Mr. Sabia's mandate was renewed for a five-year period starting on March 13, 2014. There are no changes to his compensation.
SOURCE Caisse de dépôt et placement du Québec