Claude Lamoureux, the president and chief executive officer of the Ontario Teachers’ Pension Plan for the past 17 years, will retire in December.
Teachers’ grew it assets and diversified its portfolio under the leadership of Lamoureux. When he was appointed chief executive officer in 1990 the fund had C$19 billion in assets, all of which were in Ontario government bonds. At the end of 2006, the fund had C$106 billion in both traditional and alternative asset classes. Since 1990, the pension says it has earned an average rate of return of 11.8 percent.
Lamoureux will be replaced by Jim Leech, currently senior vice president of Teachers’ Private Capital, the pension’s private equity and venture capital investment arm that manages more than $16 billion in assets. Leech also is a director at Cadillac Fairview, Teachers’ real estate subsidiary. He joined Teachers’ in 2001; he was previously the president and chief executive of Canadian merchant bank Unicorp Canada.