Michael Nobrega, President & Chief Executive Officer at OMERS since 2007, will retire from his 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, Chairman 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 Chairman 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 been OMERS Chief Investment Officer 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 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. He 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 honored 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.”
OMERS is one of Canada’s largest pension funds with over C$60 billion in net assets and has almost 430,000 members. OMERS invests in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. OMERS is headquartered in Toronto (www.omers.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-19-13