Derek Dobson, chief executive officer and plan manager at the Colleges of Applied Arts and Technology’s pension plan, is departing the organization following a formal governance review.
The investment organization confirmed Dobson’s departure on Friday, noting it had reached an agreement with Dobson to repay his $1.6-million 2025 vacation payout.
Read: CAAT places Derek Dobson on administrative leave, appoints acting CEO
Dobson became embroiled in a dispute over the vacation payout and a workplace relationship, both of which were approved by board chair Don Smith and vice-chair Kareen Stangherlin. Both Smith and Stangherlin were suspended due to allegations of acting outside of board policy and are no longer part of the CAAT’s board.
Dobson’s actions came into focus following the January departures of chief investment officer Asif Haque, chief financial officer Mike Dawson and chief pension officer Evan Howard.
The CAAT acknowledged “constructive engagement” with the Financial Services Regulatory Authority of Ontario during the management crisis.
Read: CAAT pension plan board chair removed amid ongoing governance emergency
In a press release, acting CEO and plan manager Kevin Fahey said while the organization has undergone a period of significant change, its new leadership team will drive stability and institutional continuity. This team includes interim chief financial officer Laura Foster, chief operating officer Jillian Kennedy, chief legal officer and general counsel James Fera, senior vice-president of funding and sustainability John Baiocco and senior director of communication Stephen Hewitt.
The CAAT’s new board chair Audrey Wubbenhorst said the board will focus on working with the best interest of plan members in mind. She also thanked stakeholders for their “ongoing trust and confidence in the plan.”
Read: CAAT returns 15.2% in 2024, net assets increase to $23.3 billion