The Alberta Investment Management Corp.’s chief executive officer, Kevin Uebelein, is stepping down early, most likely by July 2021.

Uebelein and the AIMCo board have agreed to begin the process of a leadership transfer, with the goal of filling the role by June 30, 2021. “This decision is Kevin’s,” wrote Dénes Németh, director of corporate communications, in an email to Benefits Canada. “His natural term ending date is in the not too distant future and, accordingly, he believes the board should begin the search for his successor now.”

With that goal in mind, the board has created a CEO recruitment committee, which will be chaired by the AIMCO’s chair Mark Wiseman. It will begin the search process immediately, said Németh, with candidates both inside and outside of the organization to be considered for the role.

Read: AIMCo calls reports of losses on volatility strategy ‘dramatically’ overstated

In other news, the AIMCo is entering into an agreement with AES Corp. to merge the sPower development platform, an independent, U.S.-based solar developer, with AES’ clean energy development business.

“sPower has been one of our key infrastructure platforms since our initial investment made in partnership with AES in 2017,” said Uebelein, in a press release. “Our experience working with AES has shown that they are a world leader in delivering on customers’ sustainable energy needs and the formation of this new renewables platform in the U.S. will take that capability to an even higher level. On behalf of our clients and consistent with our investment mandate, we are excited about the value the next phase of our partnership will bring to our many stakeholders.”

Read: AIMCo and partner to acquire U.S. solar developer

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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