The Alberta Investment Management Corp. (AIMCo) has officially removed the interim tag from its top executive, appointing former senior bureaucrat Ray Gilmour as its permanent Chief Executive Officer. This move solidifies leadership at the institutional investor following a period of significant upheaval last year.
From Interim to Permanent Leadership
Gilmour was first installed as AIMCo's interim CEO on November 8, 2024. His appointment came just one day after the Alberta government took the dramatic step of dismissing the pension fund's entire board and four members of its senior management team, including then-CEO Evan Siddall.
The provincial government, represented by Finance Minister Nate Horner, justified the sweeping changes by citing concerns over rising operational costs that were not matched by sufficient investment returns. AIMCo, which is designed to operate at arm's length from the government, manages pensions for hundreds of thousands of Albertans, including teachers, municipal workers, and judges.
Restructuring and Board Changes
In the wake of the leadership purge, the Alberta government moved quickly to reconstitute AIMCo's governance. Shortly after Gilmour's interim appointment, former Prime Minister Stephen Harper was named as the new Chair of the board.
A significant and permanent change was also made to the board's composition: a permanent, unpaid seat was established for Alberta's Deputy Minister of Treasury Board and Finance. This addition was explicitly created to foster "more consistent communications between AIMCo and Alberta’s government." Three members from the previous board of ten directors were brought back to serve on the scaled-down new board.
Gilmour's Background and the Path Forward
Ray Gilmour brings a deep background in both public service and finance to the role. Prior to joining AIMCo, he served for over five years as Alberta's Deputy Minister of Executive Council, the province's most senior bureaucratic position. His extensive government resume also includes deputy minister roles in finance, intergovernmental relations, and infrastructure.
Before his public sector career, Gilmour spent 15 years in the banking and financial services industry. He is a Chartered Professional Accountant and holds a Master of Business Administration from the University of Saskatchewan.
In a statement, Chair Stephen Harper expressed the board's full confidence, saying, "The board has complete confidence in Ray’s clear management expertise and proven ability to excel, both as leader of this organization and as an effective steward of the funds AIMCo manages on behalf of its clients."
The confirmation of a permanent CEO addresses a key priority identified by pension and governance experts following last year's shock reorganization. Many had noted that recruiting a skilled investment professional to lead AIMCo could be challenging in the aftermath of the government's intervention, making Gilmour's proven stewardship and acceptance by the board a crucial step toward re-establishing stability and confidence in the arm's-length model.
