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Kevin Uebelein, CEO of Alberta Investment Management Corporation (AIMCo), will leave the organization by the end of June 2021.
Uebelein, who has held the position of AIMCo since 2014, has agreed with the board to “begin the process of transferring the leadership of the CEO now,” AIMCo spokesman Denes Nemeth said in an email Tuesday.
“AIMCo remains in very capable hands with Kevin continuing at the helm to that date and has the full support of the board and management as he continues to advance the many priorities ahead of us,” Nemeth wrote.
AIMCo, a provincial corporation, manages the investments of several provincial government funds, including the Heritage Savings Trust Fund. It also invests money in the pension funds of over 300,000 Alberta public sector workers.
AIMCo has been under scrutiny since the spring, when investment managers lost more than $ 2 billion due to a risky investment strategy. The losses prompted AIMCo’s board of directors to order an external review, and the company is committed to improving.
Nemeth said AIMCo’s board of directors is immediately starting an international search for a new CEO and will consider candidates inside and outside the organization.
Uebelein did not indicate his future plans, he said.
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