Daniel Fournier, the chairman and CEO of Ivanhoe Cambridge, the real estate investment subsidiary of the C$326.7 billion ($247.3 billion) Caisse de Depot et Placement du Quebec, Montreal, announced he will retire from both roles, effective Oct. 15, the company said Wednesday.
He will be replaced by Nathalie Palladitcheff, who has been president of Ivanhoe Cambridge since 2018, and will also assume the role of CEO upon his departure, the news release said.
Mr. Fournier's retirement comes after more than nine years as CEO at Ivanhoe Cambridge.
Under his tenure as CEO, the company's real estate assets more than doubled to C$65 billion, generating net investment income of close to C$24 billion, with an average annual return of 11.8%, according to a news release. While he has served as CEO, Ivanhoe Cambridge's transaction volume, including acquisitions and sales, have totaled nearly C$100 billion.
Ivanhoe Cambridge holds interests in more than 1,000 buildings, primarily in the industrial and logistics, office, residential and retail sectors, the news release said.
"As I look back at the last 10 years, I realize just how much we have accomplished at Ivanhoe Cambridge," Mr. Fournier said in the news release. "We elevated this Quebec company into the ranks of the world's largest real estate investors. It has been an honor to work for a company that is so important to CDPQ and to Quebec."
Incoming CEO Ms. Palladitcheff will work closely with Sylvain Fortier, chief investment and innovation officer, whose role was expanded to include responsibilities for the company's overall investment activities.
In the coming months, Ivanhoe Cambridge's board of directors will also appoint a new chairman, the firm said in the news release.
As president, Ms. Palladitcheff's responsibilities include developing and executing Ivanhoe Cambridge's global strategy and ensuring the alignment of its investment and corporate activities. She also led the firm's strategic planning process, supervised the company's overall financial activities and was responsible for human resources, legal affairs and information technology, the news release said.
