Caisse’s Guay resigns as president, CEO

The president and CEO of the massive Caisse de dépôt et placement du Québec, Richard Guay, has resigned citing personal reasons, effective January 7, 2009.

“The board of directors has accepted his resignation. It understands Mr. Guay’s decision and has thanked him for his contribution to the Caisse’s management since May 2008,” said Caisse chairman Pierre Brunet in a statement.

Guay has been on medical leave for the past six weeks.

Guay first took the helm of the Caisse as interim manager in May 30, when Henri-Paul Rousseau left the pension fund. Guay was named president and CEO on September 5, 2008. He will continue to work at the Caisse, becoming strategic advisor to the president and CEO on January 8.

“The Caisse is pleased that it can continue to rely on his expertise and in-depth knowledge of the organization and financial instruments,” Brunet said.

The Caisse’s board has recommended Fernand Perreault as Guay’s immediate replacement, for a term of six months, ending July 7. In the meantime, the Caisse will begin a recruitment process.

“The board believes it is appropriate at this time to entrust Mr. Perreault with a transitional mandate,” Brunet said. “During this transition, Mr. Perreault and the senior management team will continue to implement the appropriate decisions so as to adapt the Caisse’s strategies to the changes caused by the global financial and economic crisis.”

Perreault, who is currently the executive vice-president, real estate, for the Caisse, will be replaced in that portfolio by René Tremblay, president and CEO of Ivanhoe Cambridge, a subsidiary of the Caisse.

(01/05/09)