CI shuffles top jobs

CI Financial has announced that Bill Holland will be moving out of his current role as CEO of the company and will become executive chairman, effective September 1. In his new role, Holland will focus on strategic initiatives and pursuing growth.

Holland was named president and CEO of CI in 1999, and handed off the role of president to Stephen MacPhail in 2005. MacPhail will now take over as CEO.

“Steve and I have worked closely together for over 15 years with an extraordinary team of talented executives,” Holland said. “This transition has been under consideration for a number of months and I view it as an alignment of titles, since Steve and I have essentially been performing these roles for some time. I take great pride in the company that we have built and look forward to the opportunity to focus on strategic initiatives.”

MacPhail has also been appointed to the board of directors, along with Peter Anderson, the firm’s executive vice-president.

“CI has been fortunate to have had such continuity in management. Bill, Steve and Peter have been a strong team and we see this as an obvious next step and part of an orderly transition of roles and responsibilities,” said Ronald D. Besse, lead director and chair of the governance committee of the board of directors. “The board is also pleased to invite Steve and Peter to serve as directors. Both gentlemen are well known to the board and will provide additional industry expertise and seasoned business judgment.”

Former president and CEO G. Raymond Chang, currently serving as non-executive chairman, will continue to serve on CI’s board of directors.

“We are delighted that CI will continue to benefit from Ray’s extensive knowledge of the industry, his financial expertise and his long experience as a successful businessman,” said Besse.

(08/25/10)