DEFINED BENEFIT

Newfoundland and Labrador pension plan picks first CEO

Charles Bruce was named CEO of the C$5.6 billion ($4.2 billion) Newfoundland and Labrador Public Service Pension Plan Corp., St. John’s, effective Jan. 18, said Mark Stanford, spokesman.

The position is new. The corporation was created through the 2014 provincial pension reform that changed the pension fund to a shared-risk plan between the government and public service unions.

Mr. Bruce is CEO at the C$146 million Nova Scotia Public Service Long Term Disability Trust, Halifax. An executive search firm is being sought to find a new CEO, said Linda Power, chairwoman of the trust’s board.