Pension giant OMERS announced that Paul Haggis is stepping down as CEO.

The board of directors of OMERS announced that after three and a half years as president and CEO, Paul Haggis will be leaving the organization later this year. “This mutual agreement between the board and Mr. Haggis reflects the future needs of the organization,” it said.

“The Board and I believe the time is right to bring in someone new who will be able to move the organization forward over the long term,” said Haggis. “When I was hired, my job was to set OMERS on the right path, build its investment presence globally and deliver strong results. We’ve accomplished those goals so now it’s time for change.”

“The Plan’s new governance model has changed the nature of my job. The investment strategy is not changing and will continue to be a significant focus. However, going forward, the new CEO will spend more time on the transition to the new governance model and implementing new supplemental pension plans,” he added.

“Paul was brought in to address the changing investment needs of the organization. He has made many significant contributions during his time here, overseeing a major reorganization, bringing in a strong, new leadership team and implementing a successful new asset mix strategy that has generated exceptional returns,” said David Kingston, chair of the board. “OMERS expects to announce another very strong earnings report for 2006 in a few weeks. OMERS thanks Paul for his leadership during this important period in our history.”

OMERS is one of Canada’s largest pension plans, with about $48 billion in assets invested around the globe in publicly-traded investments, real estate, infrastructure and private equity.