Robert Astley was named chairman of the C$127.7 billion (US$119.9 billion) Canada Pension Plan Investment Board, Toronto. He succeeds Gail Cook-Bennett, whose term expires Oct. 26, confirmed CPPIB spokesman Joel Kranc. Ms. Cook-Bennett will become chairman of the board of Manulife Financial, Mr. Kranc said.
It was an honor for our founding board of directors to launch the CPP Investment Board as a start-up organization in 1998, Ms. Cook-Bennett said in a news release. Current directors oversee a well-respected investment organization that continues to grow and diversify the CPP fund to help secure the future pensions of 17 million Canadians.
Mr. Astley has been a CPPIB director since September 2006 and is chairman of its audit committee. The board is expected to discuss filling the audit committee chairmanship at its next quarterly meeting in October.