OPSEU Pension Trust, the pension plan for Ontario provincial government employees, has named a former executive with State Street Global Advisors Ltd. as its new CEO, its fourth in less than eight years.
Peter Lindley, formerly the president and head of investments for State Street’s Canadian operations, takes over in mid-September.
He replaces Hugh O’Reilly, who left as president and CEO in March after a four-month “personal leave” for undisclosed reasons. Board chair Tim Hannah left in April after just six months in the position; he was replaced by Michael Grimaldi, an appointment by plan co-sponsor Ontario Public Service Employees Union (OPSEU).
In a statement, Mr. Grimaldi said Mr. Lindley “brings deep experience in investing to this role.” OPTrust said Mr. Lindley spent 14 years at State Street, ultimately responsible for assets under management of $50-billion and the company’s overall Canadian business strategy. He also held senior roles at Deutsche Bank and CIBC World Markets in Toronto.
Mr. O’Reilly was OPTrust’s outside counsel and a former partner at Torys LLP when the pension chose him as its CEO in December, 2014. His March departure was said to be “effective immediately, to pursue other interests.” He has since become an executive in residence at the Global Risk Institute and a senior fellow at the C.D. Howe Institute.
In April, 2012, OPTrust fired CEO Stephen Griggs, who went on to allege in a wrongful dismissal lawsuit that he was terminated for trying to rein in “lavish” spending in the plan’s private-equity group. The lawsuit was later settled on undisclosed terms. Mr. Griggs’s successor, Bill Hatanaka, announced his departure after 18 months in the position.
OPTrust has assets of $20-billion and serves 92,000 active and retired Ontario provincial government employees.