Jean Turmel was named board chairman of the C$140.8 billion (US$129.4 billion) Ontario Teachers' Pension Plan, Toronto, for a two-year term, effective Jan. 1, 2015.
Mr. Turmel will replace Eileen Mercier, whose two-year term concludes at the end of this year. Mr. Turmel is president of multistrategy money manager Perseus Capital and has served on the OTPP board since 2007; he is chairman of the board's investment committee.
Ms. Mercier, a management consultant and former senior vice president and CFO at Abitibi-Price, will step down from the board at the end of her term, said Deborah Allan, OTPP spokeswoman. She has been on the pension fund's board since 2005.
The appointment of Mr. Turmel was made by Ontario Education Minister Liz Sandals and Julie Pauletig, president of the Ontario Teachers' Federation. The federation and the Ontario government sponsor OTPP.