TORONTO (AP) — The chief executive of the fund that manages Canada Pension Plan investments has resigned after it was revealed that he had traveled to the United Arab Emirates, where he was vaccinated against COVID-19.
CPP Investments said Friday Mark Machin tendered his resignation to the board Thursday night.
Machin joined CPP Investments in 2012 and was appointed president and chief executive in June 2016. Prior to joining the pension fund manager, he spent 20 years at investment bank Goldman Sachs. CPP manages more than 470 billion Canadian dollars in investments on behalf of Canadians.
The Wall Street Journal first reported that Machin flew to the United Arab Emirates this month and received the first dose of the Pfizer-BioNTech vaccine and is awaiting the second dose.
Canadian officials have advised against all nonssential travel and the vast majority of Canadians have not yet been vaccinated
The CPP Investments board has appointed John Graham as the new CEO. Graham was previously its global head of credit investments