Normand Provost, executive vice president, private equity, at the Caisse de Depot et Placement du Quebec, Montreal, plans to retire in 2014, according to a news release posted Monday on the C$176.2 billion (US$171 billion) fund’s website.
Mr. Provost will remain in the post until the Caisse selects his replacement sometime next year. After that, he will serve as a strategic adviser to Michael Sabia, the Caisse’s president and CEO.
Mr. Provost oversees the private equity team, which oversees C$17.8 billion, as well as all of the Caisse’s economic initiatives in Quebec. He also served as Caisse COO from April 2009 to March 2012.
The Caisse will work with an executive search firm to find a replacement for Mr. Provost, said Maxime Chagnon, Caisse spokesman. He would not identify the firm.
No date for a selection of Mr. Provost’s replacement has been set, Mr. Chagnon said. “We will take the time required to find the best candidate for the replacement,” he said.