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Canada Infrastructure Bank chief executive Pierre Lavallee steps down

Last Updated Apr 3, 2020 at 3:12 pm EDT

President and CEO of the Canada Infrastructure Bank Pierre Lavallee participates in an interview with The Canadian Press, in Ottawa on Thursday, Aug. 1, 2019. The federal government says Lavallee is stepping down from his position as chief executive of the Canada Infrastructure Bank to pursue other opportunities.THE CANADIAN PRESS/Justin Tang

OTTAWA — The federal government says Pierre Lavallee is stepping down as chief executive of the Canada Infrastructure Bank, effective immediately.

It says the board has asked Annie Ropar, chief financial and administrative officer at the bank, to take over management until a new chief executive is named.

The government also announced Michael Sabia as the new chair of the bank. He will join the board and replace former Royal Bank chief financial officer Janice Fukakusa as chair, effective April 15.

Sabia, the director of the Munk School of Global Affairs and Public Policy at the University of Toronto, is a former chief executive of the Caisse de depot et placement du Quebec and a former chief executive of BCE Inc.

Fukakusa was appointed chair of the Canada Infrastructure Bank in July 2017.

The government says she informed it and the board of her intention to step down a number of months ago.

This report by The Canadian Press was first published April 3, 2020.

The Canadian Press