Blake Hutcheson was named the new CEO of the C$97 billion ($71.1 billion) Ontario Municipal Employees’ Retirement System, Toronto, effective June 1. Mr. Hutcheson will succeed Michael Latimer, who will retire at the end of May, the pension plan announced Thursday.
Mr. Hutcheson is currently president and chief pension officer, and will take over for Mr. Latimer, who retires after two decades with OMERS, including six years as its CEO, the news release said.
“Commencing Jan. 6, 2020, the senior executive team will report directly to Blake, and he will in turn report jointly to both me and the board through June 1, 2020 to ensure a seamless and successful transition,” Mr. Latimer wrote in an internal message to staff obtained by Pensions & Investments.
“It has been a privilege and an honor to lead the talented group of people here at OMERS,” he added.
During Mr. Latimer’s tenure as CEO, the pension fund’s assets grew more than 50%, he said. Additionally, OMERS’ achieved an annual net return of 8% under his leadership, according to the internal message.
“The OMERS Board has made an excellent choice in appointing Blake and I am confident under his leadership the organization and our members are in good hands. Blake is committed to OMERS members, employers, stakeholders and employees and to the execution of our mission and vision. I am excited for him and for OMERS,” Mr. Latimer wrote.
Incoming CEO Mr. Hutcheson has been at OMERS for 10 years, and in his first role at the pension plan served as the CEO of Oxford Properties, the real estate investment arm of OMERS, where he grew the business to a $C50 billion global leader in the real estate industry, the news release said.
He has served as president and chief pension officer since April 2018, holding responsibility for strategy, operations, communications, government relations, legal, and data and technology efforts at the pension fund.