Michael Latimer was named CEO of the Ontario Municipal Employees Retirement System, according to a news release Wednesday from the C$60.8 billion (US$57.1 billion) pension fund.
He will replace Michael Nobrega, president and CEO, who is retiring March 31.
Mr. Latimer is currently the Toronto-based pension fund’s chief investment officer and he will retain that title, according to the news release.
The OMERS board of directors has worked with management since 2010 to develop internal candidates in preparation for Mr. Nobrega’s retirement, the release said. He has been president and CEO since 2007.
“OMERS has a robust succession management program that covers all executive and professional levels across the enterprise,” said Neil Hrab, OMERS spokesman. “CEO succession is continuously managed by the board of directors to ensure the long-term sustainability of the organization and the development of talent. The appointment of Michael Latimer has been contemplated in the succession planning program with a clear transition that will conclude on March 31.”
“During his time as CEO, Michael has done an excellent job in supporting the succession process by establishing a top-notch talent bench to come in behind him," said Rick Miller, vice chairman of OMERS’ board. “Now that Michael has made his decision to retire, we anticipate a smooth transition as a result of the strength, experience and knowledge of OMERS gained by his successor, Michael Latimer, over the past several years.”
Mr. Latimer has been OMERS’ CIO since January 2010. Prior to that, he was president and CEO of Oxford Properties Group, OMERS real estate investment unit.