The provincial government has announced the new chief executive officer of the Alberta Investment Management Corporation (AIMCo) following Thursday’s news that the agency’s entire board of directors had been fired.
AIMCo is the Crown corporation that manages pension and other funds for the province and handles more than $160 billion in assets.
Finance Minister Nate Horner said in a statement Thursday that the firing of the board, including CEO Evan Siddall, was due to rising management fees coupled with a consistent failure to meet mandated benchmark returns.
He said he would be the sole director and chair for AIMCo until a new chair was appointed and a new board established after that.
On Friday, the province revealed Deputy Minister of Executive Council Ray Gilmour would serve as the interim CEO.
“Ray has been the most trusted official in the province under three premiers,” said Horner.
“I have complete confidence in …