David Denison, president and CE) of the Canada Pension Plan Investment Board will be retiring from his position on June 30. He will be succeeded by Mark Wiseman, currently CPPIB’s executive vice-president, investments.

The announcement was made Tuesday by CPPIB’s board of directors.

“David Denison’s leadership has been exceptional in managing the assets of the CPP on behalf of 18 million Canadians while fostering a culture capable of undertaking the largest and most complex transactions in the world. He has developed a talented team dedicated to CPPIB’s purpose while placing an uncompromising premium on integrity,” says Robert Astley, chairman of CPPIB’s board of directors.

“We undertook a deliberate process, determined to select a successor who would continue to provide outstanding leadership. The board unanimously agreed Mark Wiseman was the ideal choice,” adds Astley.

Denison triggered a long-term succession plan by advising the board of directors in June 2009 of his intent to retire in 2012. Since becoming president and CEO in January 2005, Denison launched CPPIB’s active investment approach, putting in place a professional team, internal capabilities and sophisticated systems. As a result, global investments across diverse asset categories in both public and private markets have significantly contributed to the fund’s growth.

Wiseman, age 41, is currently responsible for CPPIB’s overall global investment programs, along with other responsibilities related to the organization’s long term strategy. He joined CPPIB in June 2005 after a senior leadership role at the Ontario Teachers’ Pension Plan. He has also served as officer with Harrowston Inc., a publicly traded Canadian merchant bank, and as a lawyer with Sullivan & Cromwell, practicing in New York and Paris. A former law clerk to The Right Honourable Beverley McLachlin at the Supreme Court of Canada, Wiseman holds a BA from Queen’s University and a law degree and MBA from the University of Toronto. He was also a Fulbright Scholar at Yale University where he obtained a masters degree in law and is a certified member of the Canadian Institute of Corporate Directors.

“I look forward to taking the helm at a time when CPPIB is playing an increasingly important role globally, investing in order to ensure the long-term growth and sustainability of the CPP Reserve Fund,” says Wiseman.

CPPIB invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. At Dec. 31, 2011, the CPP Fund totalled $152.8 billion.