The Alberta Investment Management Corp. (AIMCo) has officially named Ray Gilmour, a former senior provincial bureaucrat, as its permanent chief executive officer. Gilmour had been leading the massive pension and endowment fund on an interim basis for over a year following a dramatic government-led overhaul of its board and management.
From Interim to Permanent Leadership
Ray Gilmour was installed as AIMCo's interim CEO on November 8, 2024, just one day after the Alberta government dismissed the fund's entire board and four members of its senior management team, including then-CEO Evan Siddall. The move sent shockwaves through the institutional investment community.
At the time, Alberta 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. However, insiders pointed to escalating tensions over strategic decisions, such as the opening of international offices and the management of energy transition funds, as key factors behind the intervention.
Stabilizing the Ship with High-Profile Appointments
In the wake of the upheaval, the provincial government moved quickly to establish a new governance framework. Shortly after Gilmour's interim appointment, former Prime Minister Stephen Harper was named chair of AIMCo's reconstituted board. The government also created a permanent, unpaid board seat for Alberta's deputy minister of treasury board and finance, a move explicitly intended to "ensure more consistent communications between AIMCo and Alberta’s government."
Three of the fund's ten former directors were brought back to serve on the scaled-down board alongside Harper. Governance and pension experts noted that appointing a permanent CEO would be a critical step for the new board to restore confidence in AIMCo's arm's-length model, though some warned that attracting top investment talent could be difficult after the very public reorganization.
Gilmour's Background in Government and Finance
Ray Gilmour brings a deep background in both public service and private finance to the role. Prior to joining AIMCo, he served for more than five years as Alberta's deputy minister of executive council, the province's most senior bureaucratic position. His extensive resume within the provincial government also includes deputy minister roles in finance, intergovernmental relations, and infrastructure.
Before his career in the public sector, 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, Board Chair Stephen Harper expressed full confidence in Gilmour's leadership. "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," Harper said.
The confirmation of Gilmour's permanent role marks a significant milestone in AIMCo's efforts to move past the turbulence of late 2024 and stabilize its operations for its numerous pension clients.
