Ray Gilmour was appointed by the government of Alberta, Canada, as the interim CEO of the C$168.9 billion ($121 billion) Alberta Investment Management Corp., Edmonton.
On Nov. 7, the Alberta government of Premier Danielle Smith dismissed the entire 10-member board of AIMCo, citing underperformance issues and rising costs.
Gilmour’s appointment “will serve to further stabilize operations and ensure smooth operations during the transition period” until a new board is established and permanent CEO is named, the government said in a Nov. 8 release. A new board chair will be appointed within 30 days, the Alberta government said.
In the interim, Nate Horner, president of the treasury board and minister of finance in the Alberta government, has been appointed the sole director and chair for AIMCo. A new board will be established after a permanent chair is named.
Gilmour is the province’s deputy minister and secretary to cabinet. He has been the most senior public servant in the Alberta government for more than five years and worked on the Executive Council under multiple administrations, the news release said.
“Ray has been the most trusted official in the province under three premiers” Horner said in the release. “I have complete confidence in his ability to get costs at AIMCo under control and restore stability to the corporation.”
In its own Nov. 8 release, AIMCo said it welcomes the appointment of Gilmour as the interim CEO and that it "remains committed to investing on behalf of its clients and the Albertans they serve."
AIMCo is a crown corporation of the province of Alberta, which means it is a government-owned organization.
The provincial government of Alberta could not be immediately reached for comment.
