Board installs acting CEO, new chair and vice-chair while independent review continues
CAAT Pension Plan has sidelined its long‑time CEO and reshuffled its board leadership as it navigates an ongoing governance review tied to a vacation payment made to the top executive.
The board of trustees confirmed that CEO and plan manager Derek Dobson has been placed on administrative leave, effective immediately, while it moves to “restore stakeholder trust in CAAT’s leadership, governance and plan management.”
To provide continuity, the board has elevated chief investment officer Kevin Fahey to acting CEO and plan manager. Fahey has spent more than 16 years with CAAT and has been a key figure in building the plan’s investment strategy.
CEO removed, CIO steps in at CAAT
In addition to his role at CAAT, Fahey sits on the investment committee for the Teachers' Pension Plan Corporation of Newfoundland and Labrador, and has previously chaired both the Pension Investment Association of Canada and the Salvation Army of Canada’s Investment Advisory Committee. He holds a commerce degree from Queen’s University, an LL.B. from Osgoode Hall Law School and is a CFA charter holder.
Board chair Audrey Wubbenhorst said the leadership changes are intended to steady the organization through a sensitive period.
“The CAAT Board of Trustees has determined that these changes are in the best interests of the Plan and are necessary to restore stakeholder trust in CAAT’s leadership, governance and plan management. Kevin is a veteran CAAT executive with a strong track record of high performance and his extensive experience and institutional knowledge make him ideally suited to lead the organization through the current period of significant change.”
The recent exits follow other changes in CAAT’s leadership. The plan’s CHRO left in June 2024, and its senior vice‑president of technology and IT services management as well as its head of policy and government relations departed earlier this year, according to the Globe.
Julie Giraldi was CHRO at CAAT from 2020 to 2025, according to her LinkedIn profile
New chair and vice‑chair take the helm
The governance shakeup extends beyond the CEO’s office. Wubbenhorst, an employee‑appointed trustee since 2023 and co‑chair of the finance and administration committee, has been named chair of the board, succeeding Don Smith.
Wubbenhorst is a communications faculty member at Humber Polytechnic and previously spent more than a decade at BMO Bank of Montreal in HR, communications and commercial banking. She has also served as a school trustee and on multiple boards, including Humber Polytechnic, Toronto Community Housing Corporation, Holland Bloorview Hospital’s Research Ethics Board and CNIB Lake Joe’s Advisory Board. She holds an MA, an MBA and the ICD.D designation.
Employer‑appointed trustee Janet Greenwood, who joined the board in 2023, steps into the vice‑chair role following the resignation of former vice‑chair and trustee Kareen Stangherlin.
Governance review tied to CEO’s vacation pay
The leadership changes come as CAAT’s board oversees an independent review of its governance policies, procedures and practices. The review was initiated after concerns surfaced over a vacation payment involving the CEO.
The board has emphasized that the governance issues under examination are not related to the plan’s funding strength or its ability to pay benefits, and says it expects the external review to wrap up later in February.
“Good governance is the backbone of a pension plan’s stability and strength, and the foundation for trust between the plan and its sponsors, members and all other stakeholders,” said Wubbenhorst. “The Board will carefully consider findings and recommendations of the independent review and remains focused as always on strengthening Plan governance to ensure it aligns with industry best practices.”
Financial position remains robust, says CAAT
Despite the turmoil at the top, CAAT is underscoring that its financial footing remains solid. Recent independent valuations show the plan 124 per cent funded on a going‑concern basis, meaning it holds $1.24 in assets for every dollar of pension promised to members. With more than $23 billion in assets and over $6 billion in funding reserves, stress testing indicates a greater than 99 per cent probability the plan will stay fully funded over the next two decades.
Founded in 1967 to serve Ontario’s college system, the CAAT Pension Plan has since expanded to more than 800 participating employers across 20 industries in the for‑profit, non‑profit and broader public sectors, and now counts over 125,000 members.
As the governance review proceeds and the new leadership team settles in, the board says its priority is maintaining benefit security for members while reinforcing confidence in how the plan is overseen.
