OTTAWA — The federal government has announced the departure of Pierre Lavallee as president and CEO of the Canada Infrastructure Bank and that former CEO of la Caisse de depot et placement du Quebec Michael Sabia will assume the role of chair-designate of the CIB’s board of directors.
The chief financial and administrative officer of the CIB, Annie Ropar, will be responsible for the management of the CIB while the search for a new CEO takes place, said Catherine McKenna, federal minister of infrastructure and communities and minister responsible for the CIB, in an April 3 statement.
“Pierre has made an important and lasting contribution in (starting) up this new institution. I want to thank him and wish him well in his future endeavours,” said McKenna.
Sabia is the director of the Munk School of Global Affairs and Public Policy at the University of Toronto.
Lavallee’s departure was effective immediately. Sabia becomes chair as of April 15, when current chair Janice Fukakusa leaves her post. Fukakusa informed the government and the board of her intention to step down a number of months ago, the statement said.
“We are still in the acute period of managing the health effects of the virus. But that period will come to an end, and institutions such as the Canada Infrastructure Bank will play an important role in helping our country recover economically from the pandemic,” said McKenna in welcoming Sabia to the role.
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