Vestcor Inc. Welcomes New Board Chairperson | May 31 2023

Fredericton, NB – The Board of Directors of Vestcor Inc. announced the appointment of David Losier CFA, CPA, CGA, ICD.D as its new Chairperson. Vestcor Inc. is an independent not-for-profit organization providing global investment management and administration services to public sector client groups. Since their Fall 2022 announcement of an upcoming Board leadership change, the Board of Directors has undertaken the rigorous process required to fill the position of Chairperson, as outlined in the Vestcor Act. Through this process, David Losier was selected as the Chairperson effective today.

David has been a member of the Vestcor Inc. Board since its inception in 2016, serving as Vice-Chairperson since 2018, and as a member of the Audit, Human Resources & Compensation, and Governance Committees. He has extensive experience in the financial services industry, including nearly two decades with Uni Financial Corporation (formerly Fédération des Caisses populaires acadiennes ltée), where he held leadership roles including Executive Vice-President and Chief Financial Officer. Most recently, David launched DOL Consulting Inc., a firm providing specialized strategic consulting and executive services within the credit union industry and beyond. His extensive experience and strategic mindset will continue to be an asset to the Board, as it provides oversight to Vestcor Inc.

“Vestcor is a very successful organization with a solid team of locally based professionals, a great culture, a growing client base and excellent long-term results,” said David Losier. “I look forward to working with the very strong leadership team we have both on the board of directors and within Vestcor’s management group, as we chart a course to even greater success. We greatly appreciate the contributions the former Chairperson Michael Walton has made over the past decade, and are glad that he is able and willing to remain on the Board to help with the transition.”

Prior Chairperson Michael Walton, a long-serving member of the Vestcor Inc. Board, and its predecessor organization, the New Brunswick Investment Management Corporation (NBIMC), announced last Fall that he would be stepping down as Chairperson prior to June 30, 2023.  Michael first joined the Board of NBIMC in March 2005 and served as Chair of the Human Resources and Compensation Committee from 2009 to 2012. In 2013, he became Chairperson of the Board, and an ex-officio member of the Board’s Audit, Governance and Human Resources and Compensation Committees. More recently, Michael accepted the role of President and CEO of the public company Rogers Sugar Inc. Michael remains a Director on the Board of Vestcor Inc. until his current term expires on June 30, 2024.

Vestcor’s Board of Directors is responsible for the independent governance, stewardship, and strategic direction of the company. The Board is comprised of nine Directors and assisted in its endeavours by the efforts of three Committees: the Audit Committee, the Human Resources and Compensation Committee and the Governance Committee. To learn more about Vestcor’s governance, visit vestcor.org/governance.

ABOUT VESTCOR

A Partner in Creating and Delivering Sustainable Financial Security.

Vestcor is an independent not-for-profit company located in Fredericton, New Brunswick which provides global investment management services to 10 different public sector client groups representing approximately $20 billion in assets under management as at December 31, 2022, and administration services to 11 public sector pension plans and 4 employee benefit plans.

Vestcor’s team of more than 140 service professionals provides innovative, integrated, cost-effective investment management and pension and benefit administration services solutions to public sector entities. Vestcor currently services the requirements of over 111,000 individual plan members and 140 participating employer groups. Further information about Vestcor, is available at Vestcor.org.

The full 2022 Annual Report, including Vestcor Inc.’s financial statements, will be published in June 2023. Further information about Vestcor is available online at vestcor.org.

MEDIA CONTACT
John A. Sinclair, President and Chief Executive Officer, 506-444-5800