In a move that has sent shockwaves through the financial community, three top executives at the CAAT Pension Plan have abruptly resigned, leaving employees and industry observers alike scrambling for answers. But here's where it gets even more intriguing: CEO Derek Dobson's memo to staff hints at a need for “strategic realignment” within the leadership team, yet offers no further details. What could this mean for the future of one of Canada's largest pension funds?
According to a company-wide email obtained by The Globe and Mail, Chief Investment Officer Asif Haque, Chief Financial Officer Mike Dawson, and Chief Pension Officer Evan Howard all stepped down on Monday. And this is the part most people miss: despite their sudden departures, Dobson assured staff that the trio is leaving on amicable terms. But without a clear explanation, speculation is bound to run wild.
A CAAT spokesperson confirmed the resignations on Wednesday, emphasizing that the pension plan remains in robust financial health, with $23.3 billion in assets and a surplus funding position of $1.24 in assets for every dollar owed in pensions as of January 1, 2025. However, the timing of these departures raises questions. Is this a routine leadership shuffle, or a sign of deeper organizational challenges?
Each of the departing executives brought significant experience to their roles. Asif Haque, with nearly 16 years at CAAT, had served as CIO since 2021. Mike Dawson, a former vice-president at BlackRock Inc., joined CAAT in 2018 and became CFO in 2022. Evan Howard, a former Bay Street lawyer, had been with the organization since 2012, initially as general counsel.
In response to the resignations, CAAT has promoted Kevin Fahey, a 17-year veteran of the organization, to succeed Haque as CIO. Additionally, Scott Blakey, a former CAAT trustee, has been appointed interim executive vice-president and chief people and culture officer. But will these internal promotions be enough to stabilize the leadership team?
Dobson assured staff that CAAT’s 2026 business plan remains on track and that the organization is actively searching for permanent senior executives. Chief Strategy Officer Jillian Kennedy and Vice-President of Actuarial Solutions John Baiocco will continue in their roles, with Baiocco overseeing funding and sustainability.
Founded in 1967 to serve Ontario’s colleges of applied arts and technology, CAAT has grown into a multiemployer pension fund with over 750 participating employers and more than 120,000 active and retired members. The Globe and Mail itself merged its company pension plan with CAAT in 2022, further underscoring the fund’s significance.
But here’s the controversial question: In an industry where stability and transparency are paramount, can CAAT maintain its reputation without addressing the reasons behind these high-profile departures? And what does this mean for the thousands of members relying on the fund for their retirement security? Weigh in below—do you think this is a cause for concern, or just business as usual?
