Friday, March 13, 2009

La Caisse hires the guy that Ontario Teachers' fired. Go figure




Former BCE chief takes helm of Caisse

Sabia takes over after $39.8-billion loss at Quebec pension fund manager
Friday, March 13, 2009
CBC News

Former Bell Canada CEO Michael Sabia has been appointed to head the Caisse de dépôt et placement du QuébecFormer Bell Canada CEO Michael Sabia has been appointed to head the Caisse de dépôt et placement du Québec (Ian Barrett/Canadian Press)

Former Bell Canada chief executive Michael Sabia will be the new president and CEO of the Caisse de dépôt et placement du Québec.

Sabia, 55, was appointed Friday after Caisse's board of directors and the Quebec government agreed he is the best choice to lead the pension fund manager through one of the toughest periods in its history.

Sabia takes over on the heels of the fund's $39.8-billion loss in assets last year, the largest annual recorded drop in the Caisse's 43 years of existence.

Sabia held the top jobs at Bell Canada Enterprises (BCE) from 2002 to July 2008 after serving in other senior positions within the group.

10 comments:

Anonymous said...

This Sabia guy is real investor friendly....... multibillion bondholder lawsuit to the Supreme Court.....and eliminates BCE shareholder dividend, but no corresponding pain for his executive stock options?

He also sold Yellow Pages to KKR for a fraction of its value, providing KKR with the highest yielding investment it has ever earned?

Anonymous said...

Right . . Saveia did such a terrific job leading Bell into an abyss, who else should lead Caisse?

Robin

Anonymous said...

Unbelievable, guess they couldn't get anybody good.

NT

Anonymous said...

Unbelievable, guess they couldn't get anybody good.

NT

Anonymous said...

I wonder if Mr. Sabia would have been chosen today, had the Bell deal gone through?! Bell would have been bankrupt, or on the verge of it....by now.

So, “the Caisse’s Board and the Quebec Government agreed he is the best choice to lead the pension.........” Did the search extend beyond Montreal?

CC

Dr Mike said...

Ok , so who thinks this was a good idea?

Aw come on , there must be somebody.

Please , anyone??

Guess not.

Dr Mike.

CAITI said...

Bernard Landry, who headed the separatist Parti Quebecois and served as provincial premier from 2001 to 2003, criticized the appointment.

“It’s a grave mistake,” Landry told RDI television in an interview. Sabia has “the last profile you would want for the job.”

Kephalos said...

Wow! Makes not sense at all except for one thing.

Sabia was/is a Diddle-there Duddle-here Go-nowhere manager perfect for a Government Department of Finaggling.

Like Landry says "Wrong type of profile." So why did he get the job?

Well it's something like this: you know people, you hear things, you see things in semi-private places, you spend time in a steamroom, and on and on it goes. Old boys, eh?

Anonymous said...

What a joke!

One minute Michael Sabia is turning one of Quebec's iconic companies (BCE) into a junk bond basket case and selling it to ONTARIO Teachers' and a handful of US private equity firms....and the next he's heading the Caisse!

I don't get it?

Anonymous said...

This guy is the worst - some of us Trust Unit investors also have Bell shares ... I feel sorry for people who deal with CAISSE. Better get out now, while you still can.

After a quick re-read of this article it should come as no surprise the Quebec government's decision and this scumb bag is best they could come up with. Paragraph 4 says it all. The Quebec government is our CON friend CHAREST. Of course a CON is going to reward another CON for incompetence. Why don't they just re-name Caisse now to CONservative Populaire? After everything that has gone on in this country since Jan 2006 - when the CONS took our Canadian Government - I am starting to realize sinking CAISSE with this jerk is deliberate. It is my understanding this institution is the preferred banking choice for separatists? Maybe that is why this jerk is the preferred choice for CAISSE? Generally poor people do not complain as loud as those with money Or they are well aware they will not be listened to due to lack of funds ....
Or hmm lets consider all political parties are broke these days with the exception of the CONS. Separatists are the loudest and biggest pain in the ass for CONS these days. Removing the ability to earn a living or wage is typical CON policy - so with CAISSE - leaving Sabia at the helm is a way to ensure Caisse and their customers never recover financially.