New President and CEO
The most significant change we made was a structural one: the establishment of the role of President and CEO to lead OPTrust’s operations under the policy direction and delegated authority of the Board. The President and CEO is directly accountable to the Board of Trustees and responsible for the integrated operations of all OPTrust’s divisions. We believe this structure will improve reporting and accountability and allow the Board to focus on its governance responsibilities.
In April 2011, we were delighted to announce our appointment of Stephen J. Griggs as OPTrust’s first CEO. Mr. Griggs is a veteran of the financial services industry, with a breadth and depth of experience in institutional and retail financial services and a strong track record of leadership. Most recently he served as Executive Director of the Canadian Coalition for Good Governance and he brings a deep commitment to excellence in governance to OPTrust. Mr. Griggs joined the organization on June 1, 2011, and we look forward to working very closely with him to drive the organization’s strategic goals forward.
The other major structural change we adopted was to create a new Shared Services division at OPTrust to centralize those departments that provide internal services to other business units. This structure provides greater opportunities to achieve efficiencies and cost-effective service delivery for the Plan. Finance was also established as a division to provide finance-related shared services, tax and regulatory compliance, and financial reporting across all of OPTrust.