Richard Guay is stepping down as president and CEO of the Caisse de dépôt et placement du Québec, chairman Pierre Brunet announced on Monday.

“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,” Brunet stated. The resignation will take effect on Jan. 7.

The decision follows a medical leave by Guay that began on Nov. 12 on the advice of his physician. Initially planned for four weeks, the leave was subsequently extended to Jan. 5.

Fernand Perreault, executive vice-president of real estate for the Caisse, temporarily headed the executive committee and co-ordinated the Caisse’s operations during the leave of absence.

The board of directors recommends that Perreault act as president and CEO for six months, until a new leader is recruited.

“The Board believes it is appropriate at this time to entrust Mr. Perreault with a transitional mandate. 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,” Brunet said.

Guay will continue to work for the institution and, starting Jan. 8, will hold the position of strategic adviser to the president and CEO, providing counsel on investment policy and asset allocation.

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

Guay was appointed president and CEO on Sept. 5, 2008, having been responsible for interim management of the institution since May 30, 2008. He has worked for the Caisse since 1995, in positions that included chief investment officer and executive vice-president of risk management and depositors’ accounts management.

René Tremblay, president and CEO of Ivanhoe Cambridge, a subsidiary of the Caisse de dépôt et placement du Québec, has been appointed executive vice-president of real estate, to replace Fernand Perreault.

Tremblay will hold this position on an interim basis from Jan. 8 to July, 7, and in this capacity will be a member of the Caisse’s executive committee.

IE