Canada Infrastructure Bank Announces Leadership Changes
April 3, 2020
TORONTO – Today, the Canada Infrastructure Bank Board of Directors announced a change in leadership that will position the Bank to build on its strong foundation to support more revenue generating infrastructure projects in the public interest.
As part of this transition, Canada Infrastructure Bank CEO Pierre Lavallée, who served as the Bank’s CEO since June 2018, is stepping down effective immediately. Canada Infrastructure Bank CFO and CAO Annie Ropar will oversee the operations of the Bank and report to the Board until a new CEO is appointed.
We wish to thank Mr. Lavallée for his committed service and for his vision and foresight in building the Bank’s capacity to attract investment, engage private sector partners and explore new and innovative approaches to finance and deliver projects that benefit Canadians.
“I am proud of the progress that CIB has made and of the team of dedicated experts that we have assembled. CIB has already committed $3.6B to projects valued at $20B. In addition, CIB is working on a large pipeline of new projects in collaboration with over 100 public sponsors from coast to coast to coast at the federal, provincial, territorial, municipal and Indigenous government levels”, said Pierre Lavallée.
In addition, the Chair of the Board, Janice Fukakusa has decided to step down from her position as of April 15, 2020. Ms. Fukakusa advised the government last fall that she would like to complete her service as Chair in early 2020 so that she could focus on her other commitments in the public and private sectors. She has agreed to remain on hand at the organization over the coming weeks to ensure a seamless transition and provide the Bank with stable oversight as it navigates various challenges posed by the COVID-19 outbreak.
“It has been a great privilege to serve as the founding Chair of the Bank and I am grateful to the Government of Canada for the opportunity. The Canada Infrastructure Bank is critically important, and I am proud of the work we have done to stand up the Bank to support Canada’s 21st century infrastructure needs. As I step down, the Board and the Bank as a whole are ready to step up to serve Canadians well,” said Janice Fukakusa.
The Board wishes to thank Janice for her exceptional leadership and commitment. We are all very proud to have served with her.
As Ms. Fukakusa continues in her role over the weeks ahead, Munk School of Global Affairs & Public Policy Director Michael Sabia has been appointed to the Board as Chair-Designate. Mr. Sabia is the former CEO of Caisse de dépôt et placement du Québec. The Board welcomes Mr. Sabia’s appointment and looks forward to working with him in furthering the objectives of the Canada Infrastructure Bank.
2020 will be a pivotal year for the Bank as its leadership focuses on collaboration with provincial, territorial, municipal, federal, Indigenous and private sector investor partners, so that priority projects can move from conception to completion. As we emerge from the current crisis posed by COVID-19, the case for ambitious infrastructure planning and the role of the Bank has never been stronger.
About the Canada Infrastructure Bank
Canada Infrastructure Bank is a crown corporation focused on financing and supporting the development of revenue-generating infrastructure projects that serve the public interest. Formed in 2017, the Bank has a mandate to attract and co-invest with private sector and institutional investors, with particular focus on areas such as public transit, trade and transportation, green infrastructure and broadband.