Home Business Head of Canada’s largest pension fund quits after Covid vaccine journey

Head of Canada’s largest pension fund quits after Covid vaccine journey

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Mark Machin, the pinnacle of Canada’s largest pension fund, has stepped down after a public backlash to his determination to journey to the Center East to get the Covid-19 vaccine.

In an announcement, the Canada Pension Plan Funding Board mentioned Machin had travelled to the United Arab Emirates in a private capability and “organized to be vaccinated towards Covid-19”.

CPPIB mentioned Machin had tendered his resignation after discussions with the board on Thursday night.

Machin, a former Goldman Sachs funding banker in his mid 50s who has led CPPIB since 2016, didn’t instantly reply to an emailed request for remark.

Disclosure of his journey, first reported by the Wall Avenue Journal, triggered outrage in Canada, the place many aged and susceptible persons are nonetheless ready for the vaccine.

CPPIB, which manages about CA$450bn ($356bn) of property, paid tribute to Machin’s management and introduced one other senior govt, John Graham, as his successor.