The Canada Pension Plan Investment Board accepted the resignation of Chief Executive Mark Machin, a day after The Wall Street Journal reported he had traveled to the United Arab Emirates and received a Covid-19 vaccination there.
The CPPIB, Canada’s largest pension fund and one of the world’s largest institutional investors, said John Graham would replace Mr. Machin as CEO, effective immediately. Mr. Graham, a senior managing director, has been with the fund for a decade and was previously global head of credit investments.
Mr. Machin, a Goldman Sachs Group Inc. investment banker for two decades, made the trip despite Canadian government advice against travel during the pandemic and amid one of the West’s slowest vaccine rollouts.
CPPIB is a crown corporation, meaning it is governed independently from the federal government but is the steward of pension obligations that are government-mandated. Board members are selected by the ministry of finance. Katherine Cuplinskas, a spokeswoman for Minister of Finance Chrystia Freeland, said the minister spoke to CPPIB’s board of directors Thursday night about Mr. Machin’s trip to make “clear that Canadians place their trust in the CPPIB and expect it to be held to a higher standard.”
“We are very disappointed by this troubling situation and we support the swift action taken by the Board of Directors,” Ms. Cuplinskas said.