Mark Machin resigned as CEO of Canada Pension Plan Investment Board, Toronto, following his decision to be vaccinated against COVID-19 while on a personal trip to the United Arab Emirates.
Mr. Machin resigned after discussions with the fund board, a statement said Friday. The Canada Pension Plan had C$475.7 billion ($372.1 billion) in assets as of Dec. 31.
Effective immediately, John Graham was named CEO of the manager. Mr. Graham was senior managing director and global head of credit investments. Details on a replacement were not immediately available. Mr. Graham’s appointment as CEO is permanent, CPPIB said in an email.
Mr. Machin was appointed president and CEO in June 2016. He joined in March 2012.
“Mr. Machin has provided outstanding leadership to the organization as a senior executive and then CEO. His significant accomplishments will help to strengthen Canadians’ retirement income security for many decades to come. The Board wishes to thank Mr. Machin for his global perspective, leadership and commitment to excellence and we offer him our sincere best wishes for the future,” the statement said.
A spokeswoman could not immediately be reached for comment.
Although leaving Canada is not illegal, Prime Minister Justin Trudeau and his ministers have repeatedly warned residents not to do it and have imposed strict rules to discourage trips, including hotel quarantines for those who return from international locations. Canadian airlines have canceled all flights to several popular destinations.
Bloomberg contributed to this story.
