MONTREAL -- The Legault government has chosen Charles Émond to succeed Michael Sabia as president and CEO of the Caisse de depot et placement du Quebec (CDPQ).
Émond, 47, was hired in February 2019 as executive vice-president of private equity and strategic planning for Quebec.
Émond said in a statement he plans to lead the CDPQ "with confidence, because I know I can count on the expertise and immense talent of our teams," adding that the Caisse "plays a key role in our economy and exports its investment know-how around the world, to the benefit of Quebecers."
Sabia, 66, announced in November that he is leaving his job at the CDPQ at the beginning of February after almost 11 years at the helm of the institutional investor.
He will join the University of Toronto as director of the Munk School of Global Affairs and Public Policy.
Émond spent 18 years at Scotiabank, where he notably held the position of global head of investment banking and capital markets as well as head of Canadian corporate banking at Scotia Capital.
"As a leader, he is recognized for his sound judgment, his technical and managerial abilities and for his communications skills. A seasoned negotiator, Charles has demonstrated throughout his career that he can successfully conclude complex and major projects by mobilizing his teams and managing stakeholder relationships with a long-term perspective. This rich combination of experience and skills led to the Board's decision," said Robert Tessier, CDPQ's board chairman, in a statement.
Under Sabia's leadership, the Caisse said it delivered returns of 9.9 per cent over 10 years, while its assets almost tripled, reaching $326.7 billion.
"I want to continue building this organization to firmly position it to face the major challenges of our time," said Emond, saying he plans for the Caisse de depot to invest "sustainably while generating returns for our depositors in the future."
- With reporting from Amy Luft of CTV News Montreal
