TORONTO, ON -- Michael Nobrega, President & Chief Executive Officer at OMERS since 2007, will retire from this position on March 31, 2014 and will be succeeded by Michael Latimer, currently OMERS Chief Investment Officer.
"Michael Nobrega has had a tremendous impact on OMERS while playing a highly influential role in shaping the pension landscape in Canada," said George Cooke, Chair of the Board of the OMERS Administration Corporation. "He brought to OMERS an ability to look beyond today and well into the future which he has demonstrated in the development of the OMERS strategy, the way in which he has worked collaboratively with the Board of Directors, and by the meaningful role he played in positioning our pension plan for the future."
Mr. Nobrega's retirement is the final step in a succession planning process that began in 2010. The Board has been working with OMERS management since that time in making preparations for Mr. Nobrega's retirement through the development of internal talent. "During his time as CEO, Michael has done an excellent job in supporting the succession process by establishing a top-notch talent bench to come in behind him," said Rick Miller, Vice Chair of the Board. "Now that Michael has made his decision to retire, we anticipate a smooth transition as a result of the strength, experience and knowledge of OMERS gained by his successor, Michael Latimer, over the past several years."
Michael Latimer has enjoyed a long and impressive relationship with OMERS, most recently as OMERS Chief Investment Officer (CIO) since January 2010. He has driven the investment strategy for OMERS since that time and as CIO has had full accountability for the strategic, operational and financial leadership of the pension plan's investment activities in both the capital markets as well as the private asset classes of infrastructure, private equity and real estate. Mr. Latimer will continue in the CIO role.
Prior to becoming CIO, Mr. Latimer was President and CEO of Oxford Properties Group, the real estate investment arm of OMERS. He played a vital role in setting long-term goals and strategy and establishing and maintaining relationships with key partners globally. Before joining Oxford, Mr. Latimer was Chief Operating Officer of Borealis Capital Corporation. Mr. Latimer holds a Bachelor of Business Administration Degree from McMaster University.
"I feel very good about taking on the CEO role following Michael Nobrega's retirement. As a direct result of Michael's leadership over the past several years, we have a clear strategy, a strong bench, an innovative culture and very engaged employees right across the enterprise," said Mr. Latimer. "I am honoured by the Board’s confidence in choosing me as the next OMERS CEO and I look forward to working closely with Michael, our leadership team and the Board over the next few months to continue what has been a very smooth transition."
"I am absolutely delighted with the Board’s choice to fill the CEO position following my retirement," said Mr. Nobrega following the announcement. "Since his association with the OMERS enterprise began, Michael Latimer has taken on new challenges with enthusiasm, has been a great leader and has displayed an unparalleled dedication to OMERS. His depth of understanding and commitment will be a great benefit to OMERS members, employers and stakeholders."
"I cannot express how rewarding my time at OMERS has been to me on a personal level. We do all we do for OMERS members; we do it with prudence and with a very long-term perspective. OMERS members can be assured that, with Michael Latimer’s appointment, your Plan is in good hands."
Since his tenure began in 2007, Mr. Nobrega is credited with driving an innovative strategic plan that saw OMERS expand its international presence through a number of initiatives including the establishment of the Global Strategic Investment Alliance and the opening of OMERS offices in Calgary, London, U.K., and New York. Under Mr. Nobrega’s leadership, OMERS increased the proportion of assets managed internally from under 70% in 2007 to almost 90% in 2012, significantly reducing investment costs while building an ownership culture across the organization. Mr. Nobrega also stretched OMERS reach by introducing OMERS Investment Management to offer fee-based investment services to smaller pension plans and by offering Additional Voluntary Contributions (AVCs) to OMERS members, an optional retirement savings program funded by members while providing them with the OMERS investment return. OMERS is recognized as among the best in service delivery to Plan members and as a driver of pension reform – an integral part of OMERS long-term strategic plan.
Under Mr. Nobrega's leadership OMERS has received awards recognizing its accomplishments in a number of areas. Examples include: "Pension Fund of the Year – Canada" in 2010, 2011 and 2012 by World Finance Magazine, one of Britain’s leading finance publications; "Canada’s Passion Capitalist Award" in 2012 by Knightsbridge Human Capital Solutions; and one of few employers recognized as a "Best Employer in Canada" by Aon Hewitt for six consecutive years between 2008 and 2013.