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Canada Pension Plan Investment Board says its head of international investing is leaving to take a chief executive officer job in the private sector.

Senior managing director Alain Carrier, a 14-year CPPIB veteran and its head of international investing, will become CEO of Bregal Investments, a London-based private equity firm with 170 employees in seven international locations and €12-billion of assets under management. The 20-year-old company is part of a Swiss conglomerate.

CPPIB said chief investment strategist Geoffrey Rubin will assume oversight for international operations on an interim basis. In a statement, CPPIB also said it is “currently conducting a thorough assessment of potential longer-term leadership candidates in accordance with its ongoing succession process.”

The move is the latest change among CPPIB’s senior leadership since John Graham took over the pension fund’s top role in February upon the sudden departure of previous CEO Mark Machin. Mr. Machin, who was said to be mulling a departure from the pension manager, accelerated his plans to retire when it was learned he had travelled to the United Arab Emirates early in 2021 for a vaccine.

In July, CPPIB said it would move Suyi Kim into the role of global head of private equity, replacing Shane Feeney, who announced in June he would leave CPPIB after 11 years to become global head of secondaries at Northleaf Capital Partners.

Ms. Kim, a 14-year CPPIB veteran, had been serving as head of Asia Pacific, responsible for leading CPP Investments’s activities in the region and overseeing its portfolio of Asia Pacific investments. CPPIB has not yet announced her replacement.

In May, Mr. Graham promoted Andrew Edgell to senior managing director and global head of credit investments, filling the position he had vacated when he became CEO. Mr. Edgell, who has been with CPPIB since 2008, was previously managing director, head of Americas structured credit and financials.

The Canada Pension Plan, founded in 1966, is the primary retirement-security program for working Canadians. The government created CPPIB in 1999 to professionally manage the plan’s money. It closed its books June 30 with $519.6-billion in assets, the first time it has closed a quarter with assets above the half-trillion-dollar mark.

Its 10-year and five-year annualized returns, after costs and unadjusted for inflation, are 11.1 per cent and 11.4 per cent, respectively.

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