Mark Machin was appointed president and CEO of the C$278.9 billion ($215.5 billion) Canada Pension Plan Investment Board, Toronto, with current President and CEO Mark Wiseman set to join BlackRock.
Mr. Machin's appointment is effective June 13. He is currently senior managing director, head of international and head of Asia at CPPIB. A CPPIB spokeswoman said a successor or successors in those roles will be announced in due course, and that Mr. Machin will maintain those responsibilities until that time.
As of June 13, Mr. Wiseman will become a senior adviser to the board of directors until Sept. 5, “to support a seamless transition,” said a CPPIB release Thursday.
Mr. Wiseman, who has been president and CEO since July 1, 2012, will join BlackRock as a senior managing director, head of the global active equity business and a member of the global executive committee, said a separate BlackRock news release. He originally joined CPPIB as senior vice president of private investments in 2005.
Mr. Machin joined CPPIB in March 2012, responsible for CPPIB's international investment activities, managing global advisory relationships and leading the organization internationally.
“(Mr. Machin) has been instrumental in helping to shape and execute CPPIB's strategy over the last four years, consistently demonstrating deep knowledge of our business, understanding of global opportunities and a commitment to our unique mandate and culture,” said Heather Munroe-Blum, chairwoman of CPPIB's board of directors, in its news release.
At BlackRock, Mr. Wiseman will oversee more than 350 portfolio management and business professionals across the Americas, Europe, the Middle East and Africa, and Asia-Pacific regions, and be responsible for the investment of more than $275 billion in equity-based strategies. He will become chairman of the BlackRock global investment committee and BlackRock's alternative investments unit, supporting and partnering with co-heads Mark McCombe and Matthew Botein on alternatives.
Mr. Wiseman will start in early September, reporting to Robert S. Kapito, president of BlackRock. It's a new position.
“We are thrilled to be bringing an executive of (Mr. Wiseman's) stature into BlackRock,” said Laurence D. Fink, chairman and CEO, in the BlackRock news release. “He is not only a best-in-class investor but also a great leader of investors.”
