Susan KudzmanRyan Remiorz
Yet another senior executive is leaving the Caisse de dépôt et placement du Québec as the management upheaval at the giant public pension fund manager continues.
The Caisse said Tuesday that Susan Kudzman - the fund manager's chief risk officer - is leaving after a long absence on sick leave.
Ms. Kudzman, an insider, was appointed last year by the new head of the Caisse - Michael Sabia - in a major organizational shake-up aimed at restoring confidence in the fund after it reported that it had lost 25 per cent of its value in 2008, almost $40-billion.
In addition, the ranks of the risk management division were bolstered in order to enhance the institution's risk control practices.
The Caisse has been under fire over its risk management practices in recent years.
Before being promoted to the top risk job at the Caisse, Ms. Kudzman was executive vice-president, depositors and risks, but gave up responsibility for relations with the 25 pension and insurance funds managed by the Caisse in order to concentrate exclusively on the revamped risk management initiative.
Ms. Kudzman, an actuary by training, had been on sick leave since last August before her departure from the Caisse.
In a statement, she said she is leaving to pursue "other professional opportunities.
"I remain very proud of actively participating in the development of the Caisse's new risk management program and initiating its implementation with the team."
In a press release, Mr. Sabia acknowledged her work "during a tumultuous period for the Caisse."
While on medical leave, Ms. Kudzman's position had been filled on an interim basis by Claude Bergeron. He will continue in that role until a new chief risk officer is found, said Caisse spokesman Maxime Chagnon.
The Caisse has seen several key top managers leave or take medical leave over the past year-and-a-half.
Richard Guay, who took over as president and chief executive officer from Henri-Paul Rousseau in May of 2008, resigned in January, citing burnout as a result of the impact of the global financial meltdown. He too had been on prolonged sick leave.
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Bertrand Marotte