Quebec government selects new CEO of the Caisse, replacing Michael Sabia

The Quebec government has selected a relative newcomer at the Caisse de dépôt et placement to succeed Michael Sabia as its new head.

Charles Émond, 47, is poised to take over as president and chief executive of the province’s pension fund manager.

Premier François Legault confirmed the appointment in a tweet Wednesday afternoon.

Émond moves up from his role at the Caisse as senior vice-president overseeing Quebec, private investments and strategic planning.

Previously he spent 18 years at Scotiabank, where he served as global head of merchant banking and capital markets and oversaw Canadian corporate banking at Scotia Capital.

READ MORE: Caisse CEO Michael Sabia is stepping down

Sabia, 66, announced in November he would move on from the Caisse after more than 11 years at the helm to become head of the Munk School of Global Affairs and Public Policy at the University of Toronto.

He had been appointed to lead the institution after it was shaken by the financial crisis, which resulted in $40 billion of losses.

Under Sabia’s guidance, the Caisse says it has produced annual returns of 9.9 per cent over 10 years, while the size of its net assets has almost tripled to about $330 billion.

Over the last decade, the institution has diversified, focusing particularly on sectors such as infrastructure and private equity, while continuing to invest in real estate and adjusting its strategy. Investments outside of Canada now represent about two-thirds of Caisse assets compared to less than half 10 years earlier.