Mark Machin, the CEO of Canada’s largest pension fund CPP Investments, has resigned due to mounting criticism after it was revealed that he travelled to the United Arab Emirates, where he received a COVID-19 vaccine.
”Recently, our CEO Mark Machin decided to travel personally to the United Arab Emirates where he arranged to be vaccinated against COVID-19. After discussions last evening with the Board, Mr. Machin tendered his resignation and it has been accepted,” said CPP Investments in a statement.
”Leadership is fundamental to meeting our objectives on behalf of Canadians and we take that responsibility of leadership very seriously,” added in the statement.
The Board of Directors has appointed John Graham as the new CEO of CPP Investments, effective immediately.
”In making its decision, the Board unanimously agreed John is ideally suited to lead the organization forward. He has been instrumental in helping to shape and execute CPP Investments strategy over the last decade as a longstanding employee and member of the senior management team with a successful track record of building and leading global investment businesses,” said in thestatement.
Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is the largest largest pension fund in the Canada with more than 20 million contributors and beneficiaries.
At December 31, 2020, the Fund totalled $475.7 billion.