Derek Dobson
The Canada’s Colleges of Applied Arts and Technology Pension Plan, a C$23.2 billion ($17.04 billion) fund, which serves more than 125,000 beneficiaries, announced the departure of its CEO Derek Dobson, who recently had been the subject of a governance crisis at the fund following his receiving a million dollar vacation payout.
A statement from CAAT Friday said that Dobson reached a settlement agreement with the pension fund and would repay the vacation payout—reported to be CAD1.6 million—which was made in lieu of vacation time. Dobson was also said to have a “consensual relationship with a CAAT employee,” The Globe and Mail reported.
CAAT is a multi-employer defined befit plan that services more than 750 employers in more than 20 industries across Canada.
Dobson, who had worked at CAAT since 2009, was placed on administrative leave February 13, following the establishment of an independent governance review from CAAT’s board of trustees into the matter. The vacation payout was previously approved by the CAAT board; however, board chair Don Smith was removed from his position by the Ontario Public Service Employees Union in February.
“After nearly seventeen years as CEO and Plan Manager of the CAAT Pension Plan, I am concluding my tenure with deep pride in what we accomplished together,” Dobson wrote in a post on LinkedIn. “As I look ahead, I am excited to continue contributing to making Canada better for today and tomorrow. I remain passionate about strengthening retirement income security for Canadians. There is more important life-changing work to be done,” Dobson continued.
The governance concerns surrounding Dobson had resulted in the departure of a number of senior CAAT executives including CIO Asif Haque, CFO Mike Dawson and chief pension officer Evan Howard, who jointly left CAAT in January.
Kevin Fahey, the fund’s managing director for private markets, was appointed as CIO in January following the departure of Haque. He was additionally named acting CEO when Dobson was placed on administrative leave.
Friday, CAAT announced a new executive leadership team reporting to Fahey, including Laura Foster as interim CFO, Jillian Kennedy as chief operating officer, James Fera as chief legal officer and general counsel, John Baiocco as senior vice president for funding and sustainability, and Stephen Hewett as senior director of communications.
“While the Plan has recently undergone a period of significant change, I am proud that these five senior leaders are all existing CAAT employees who will drive stability and institutional continuity while leveraging their strong internal relationships to engage and inspire our teams as they serve our member constituents every day,” Fahey said in a statement.
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