Canada Doug Ford fires privatization czar, chief investment officer, chief scientist

00:21  05 july  2018
00:21  05 july  2018 Source:   thestar.com

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The chief investment officer (CIO) usually oversees a team of professionals who have responsibilities such as managing and monitoring investment activity, managing pensions, working with external analysts and maintaining good investor relations.

The chief investment officer (CIO) is a job title for the board level head of investments within an organization. The CIO's purpose is to understand, manage, and monitor their organization's portfolio of assets, devise strategies for growth, act as the liaison with investors

Remember them? Ed Clark, a former banker, worked for Liberal Premier Kathleen Wynne as a business advisor. He was a key proponent of the sale of the province’s majority stake in Hydro One.© Jeanylyn Lopez Remember them? Ed Clark, a former banker, worked for Liberal Premier Kathleen Wynne as a business advisor. He was a key proponent of the sale of the province’s majority stake in Hydro One.

Premier Doug Ford has quietly fired Ontario’s chief investment officer, chief scientist, and removed Ed Clark as the premier’s business advisor in a post-election purge.

Sources told the Star that Ford’s newly elected Progressive Conservative government ended Allan O’Dette’s brief tenure as the province’s first chief investment officer at cabinet on Friday.

O’Dette, former president and CEO of the Ontario Chamber of Commerce, had been appointed by former Liberal premier Kathleen Wynne in March 2017 to lead the Ontario Investment Office.

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Chief Investment Officers report to their organization’s board of trustees for the purpose of maximizing shareholder profits. They can work for investment firms, banks or retail companies and typically work exclusively in an office environment

Robert G. Riney President, Healthcare Operations and Chief Operating Officer Henry Ford Health System. John Popovich, Jr., M.D. President and Chief Executive Officer , Henry Ford Hospital.

Also gone is chief scientist Molly Shoichet, a prominent University of Toronto professor named to her post last November by Wynne.

But the most prominent departure approved by cabinet was Clark, who had been Wynne’s business advisor and privatization czar since June 2015.

The former president and CEO of TD Bank, who was appointed chair of the Liquor Control Board of Ontario in January, was an instrumental player in the Liberal government.

Clark was a key proponent of the sale of the province’s majority stake in its Hydro One transmission utility as well as the architect of Ontario’s historic expansion of beer and wine sales into 450 supermarkets.

He also was a top booster of bringing Amazon’s HQ2 bid to the province and served as Wynne’s advisor on preserving jobs in the Ontario steel industry.

While Ford had promised during the June 7 election campaign that “not one” public-sector job would be cut if he took office, such changes are routine when a new government takes office.

It is not clear who, if anyone, will be selected to replace the three Liberal appointees.

Doug Ford misled voters on Hydro One .
Premier Doug Ford may not have outright lied this week about the cost of fulfilling his election promise to get rid of Hydro One CEO Mayo Schmidt. But he certainly grossly misled taxpayers when he crowed that the payout to Schmidt for stepping down “was zero … absolutely zero.”In fact, Schmidt is likely to end up with an amount closer to $9 million, mostly in stock options, not the mere $400,000 that Ford claimed he received as a retirement severance payment. And that doesn’t include the $4.

Source: http://ca.pressfrom.com/news/canada/-82227-doug-ford-fires-privatization-czar-chief-investment-officer-chief-scientist/

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