Otéra Capital announced today the appointment of Sylvain Fortier as Chairman of its Board of Directors, replacing Raymond McManus, who is retiring after having headed the Board for more than three years. Mr. McManus has been a Board member since 2009 and also served for two years as the company’s Chief Executive Officer. Mr. Fortier’s appointment will take effect December 31, 2016. He will continue to fulfil his current role at Ivanhoé Cambridge.
“After having extended the deadline several times, I have finally decided to confirm my retirement,” Mr. McManus said. “I have had the privilege of working for several years with an outstanding team, thanks to which we have accomplished a great deal, including the total repositioning of our portfolio following the financial crisis, the realignment of our organizational structure and the attainment of several years of high profitability levels.”
Mr. McManus added: “Sylvain’s appointment is ideal at this point in time because he has already been a member of Otéra Capital’s Board for several years and is also very familiar with commercial real estate debt, having worked in this sector earlier in his career. As a senior executive of a global real estate industry leader, he brings strong market and investment experience. In addition, his extensive network of contacts, particularly in the United States, can contribute to Otéra Capital’s future North American expansion through direct or syndicated loans.”
For his part, the new Chairman, Mr. Fortier, said: “I can’t help but be very proud to continue the excellent work begun by Ray as Chairman of the Board. He can retire with a sense of accomplishment. Under his leadership and with the help of Alfonso Graceffa, President and Chief Executive Officer, and his team, Otéra Capital has achieved a lot in recent years and has positioned itself as a commercial real estate debt leader in Canada, with assets of more than $10 billion.”
The following senior executives of sister company Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, also sit on Otéra Capital’s Board of Directors:
- Daniel Fournier, Chairman of the Board and Chief Executive Officer, Ivanhoé Cambridge.
- Karen Laflamme, Executive Vice President and Chief Financial Officer, Retail, Ivanhoé Cambridge. Vice Chair of the Board of Directors, Chair of the Risk Management Committee and member of the Human Resources Committee and Audit Committee, Otéra Capital.
- Mario D. Morroni, Executive Vice President, Strategy and Capital Allocation, Ivanhoé Cambridge.
The other members of Otéra Capital’s Board of Directors are:
- Marc Cormier, Executive Vice President, Fixed Income and Active Overlay Strategies, Caisse de dépôt et placement du Québec.
- Guy Fréchette, Corporate Director, Chair of the Human Resources Committee and member of the Audit Committee.
- François Girouard, Chief Investment Officer, Desjardins Group Pension Plan, member of the Risk Management Committee and Credit Committee.
- Alfonso Graceffa, President and Chief Executive Officer, Otéra Capital.
- Jean-Louis Hamel, Corporate Director, member of the Audit Committee, Credit Committee and Human Resources Committee.
- Paul Hurtubise, Corporate Director, member of the Credit Committee.
- Michel Labonté, Corporate Director, Chair of the Audit Committee and member of the Risk Management Committee.
- Yvon Tessier, Corporate Director, Chair of the Credit Committee and member of the Risk Management Committee.
Mr. Graceffa, President and Chief Executive Officer of Otéra Capital, concluded: “On behalf of my colleagues, and speaking personally, I want to thank Ray very sincerely for his outstanding contribution to our growth. I also want to take this opportunity to congratulate Sylvain Fortier on his appointment and assure him of the entire team’s support.”