Doug Pearce, CEO and chief investment officer of the British Columbia Investment Management Co., Victoria, will retire next year.
He is expected to stay on in the dual position until at least March 31, but will remain after that date if a successor is not named by then, according to a news release on BCIMC's website.
The board of directors at BCIMC, which oversees investments for public pension funds and government agencies in the province, will search for a successor for Mr. Pearce and consider internal and external candidates.
“BCIMC's board of directors has a comprehensive succession plan in place,” board Chairman Rick Mahler said in an e-mailed response to questions. “Our first step as a board is appointing the executive search firm, which we will be doing in the very near future.”
Mr. Pearce has been CEO and CIO at BCIMC for 25 years. During that time, assets have grown to C$102.8 billion (US$97.8 billion) from C$15.9 billion in 1988. In the past 20 years, BCIMC has had an annualized rate of return of 7.9% vs. its custom benchmark of 7.6%.
