The CAAT Pension Plan, which manages assets totaling approximately $23.3 billion, experienced a notable shift in its upper management as three senior leaders resigned simultaneously on a recent Monday. Chief Investment Officer Asif Haque, Chief Financial Officer Mike Dawson, and Chief Pension Officer Evan Howard all vacated their positions without any officially stated reasons, according to information released by the Globe and Mail.
In a memo dispatched to employees and stakeholders on Tuesday, CEO Derek Dobson offered some context, describing these departures as a "strategic move" designed to ensure "the right alignment of our executive team." He further noted that the departing executives left amicably, contributing to a smooth transition.
A spokesperson for the pension plan took care to clarify that these leadership changes do not signal any financial or operational instability within the organization. This assurance may help calm concerns among the plan's wide network of members and associated employers.
The executives’ departures removed decades of aggregated expertise from the pension plan’s leadership ranks, especially highlighting Asif Haque’s nearly 16-year tenure with the organization. To address the leadership gap, the pension plan has elevated Kevin Fahey, a 17-year veteran of the organization, to the Chief Investment Officer position. Additionally, former trustee Scott Blakey has been named interim Executive Vice-President, ensuring experienced oversight persists during this period of transition.
Since its establishment in 1967 to serve Ontario’s community colleges, CAAT has grown significantly, now supporting over 750 employers and 120,000 members. The scale and complexity of the pension plan’s operations underscore the importance of steady leadership during such changes.