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June 22, 1999

The board of directors of the Canada Pension Plan Investment Board has announced the appointment of John A. MacNaughton as President and Chief Executive Officer effective September 7, 1999.

Mr. MacNaughton has had a distinguished career in the investment industry in Canada and abroad. This spring, at the age of 54, he retired as President of Nesbitt Burns Inc., one of Canada’s largest investment dealers, after 31 years with that company and predecessor firms.

Mr. MacNaughton is involved in a wide variety of industry and community activities: he is past Chairman of the Investment Dealers Association of Canada, and current Chairman of Princess Margaret Hospital Foundation.

The board of directors is delighted that John MacNaughton, a person of extensive experience and proven capability, will become the first President and Chief Executive of the Investment Board.” said Gail Cook-Bennett, Chairperson. “His mandate is to develop and implement comprehensive longer-term investment and operating strategies for the Investment Board and to oversee the investment of the rapidly growing cash flow from the CPP.”

”I am enthusiastic about the opportunity to lead the building of this investment organization which will be of vital importance to Canada and Canadians in the years ahead.” said John MacNaughton. “It is anticipated that assets managed by the CPP Investment Board will grow to at least $88 billion by 2008; I look forward to the very significant challenge that this presents, and to updating Canadians regularly on our progress.”



The role of the Canada Pension Plan Investment Board is to increase the long term value of Canada Pension Plan assets through prudent participation in capital markets. The Investment Board, which is managed independently of the Canada Pension Plan, is governed by a 12 member board of directors with extensive business, investment and professional expertise.


For further information contact:

John A. MacNaughton

President and Chief Executive Officer

(416) 868-4077   

June 22, 1999

The board of directors of the Canada Pension Plan Investment Board has announced the appointment of John A. MacNaughton as President and Chief Executive Officer effective September 7, 1999.

Mr. MacNaughton has had a distinguished career in the investment industry in Canada and abroad. This spring, at the age of 54, he retired as President of Nesbitt Burns Inc., one of Canada's largest investment dealers, after 31 years with that company and predecessor firms.

Mr. MacNaughton is involved in a wide variety of industry and community activities: he is past Chairman of the Investment Dealers Association of Canada, and current Chairman of Princess Margaret Hospital Foundation.

The board of directors is delighted that John MacNaughton, a person of extensive experience and proven capability, will become the first President and Chief Executive of the Investment Board." said Gail Cook-Bennett, Chairperson. "His mandate is to develop and implement comprehensive longer-term investment and operating strategies for the Investment Board and to oversee the investment of the rapidly growing cash flow from the CPP."

"I am enthusiastic about the opportunity to lead the building of this investment organization which will be of vital importance to Canada and Canadians in the years ahead." said John MacNaughton. "It is anticipated that assets managed by the CPP Investment Board will grow to at least $88 billion by 2008; I look forward to the very significant challenge that this presents, and to updating Canadians regularly on our progress."



The role of the Canada Pension Plan Investment Board is to increase the long term value of Canada Pension Plan assets through prudent participation in capital markets. The Investment Board, which is managed independently of the Canada Pension Plan, is governed by a 12 member board of directors with extensive business, investment and professional expertise.


For further information contact:

John A. MacNaughton

President and Chief Executive Officer

(416) 868-4077   

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