Michael Sabia appointed President and Chief Executive Officer of the Caisse de dépôt et placement du Québec

The Caisse de dépôt et placement du Québec today announced the appointment of Michael Sabia as President and Chief Executive Officer. In accordance with the Caisse’s constituting statute, the appointment was made by the Board of Directors and ratified by the Québec government. Mr. Sabia will take up his duties immediately.

Mr. Sabia, who is 55 years of age, was President and Chief Executive Officer of BCE from 2002 to July 2008, after serving in other senior positions within the group. Previously, he was Chief Financial Officer at CN when the railway was privatized and then taken public. He began his career with the federal Finance Department and later served as Deputy Secretary with the Privy Council Office in Ottawa.

“We’re very pleased that Mr. Sabia has accepted this challenge, and that we can draw on his financial acumen and experience as a senior corporate executive. The Board welcomes him to the institution and offers him its full support,” said Robert Tessier, Chairman of the Caisse.

“Mr. Sabia’s career has been marked by major achievements,” Mr. Tessier added. “He played a leading role at CN, making into a North American freight leader, and in key stages of BCE’s development, including the simplification of its operations, which resulted in strengthening the company’s balance sheet and positioning it well for the future. In the 1980s, he played a key role in the transformation of the Canadian tax system when the GST was introduced.”

Mr. Sabia said he was very honoured and proud to take the helm of the Caisse, one of Quebec’s major achievements and a leading financial institution in Canada and around the world. “The Caisse de dépôt et placement du Québec has played a unique role in the province and will continue to play a vital role,” Mr. Sabia said. “I’m eager to join its hundreds of dedicated employees and to work with them to restore Quebecers’ pride in the institution.”

On behalf of the Board, Mr. Tessier expressed his sincere thanks to Fernand Perreault for the excellent job he did in recent months, on short notice, as President and Chief Executive Officer. “Mr. Perreault demonstrated an exemplary sense of duty and the utmost commitment to the institution,” he said.  

About the Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2008, it held $120.1 billion of net assets. As one of the leading institutional fund managers in Canada, the Caisse invests in the main financial markets as well as in private equity and real estate. For more information: www.cdpq.com