In a move that has sent shockwaves through the financial community, three top executives at the CAAT Pension Plan have abruptly resigned, leaving many to wonder what’s really going on behind the scenes. But here’s where it gets even more intriguing: CEO Derek Dobson’s memo to staff hints at a need for “the right alignment of our executive team”—a phrase that’s sparked more questions than answers. What does this alignment mean, and why now? Let’s dive into the details.
On Monday, Chief Investment Officer Asif Haque, Chief Financial Officer Mike Dawson, and Chief Pension Officer Evan Howard stepped down, according to an internal email obtained by The Globe and Mail. While Dobson assured staff that the departures were “on good terms,” he offered no further explanation. A spokesperson for CAAT echoed this sentiment on Wednesday, emphasizing the plan’s “strong financial shape” but leaving the reasons for the resignations shrouded in mystery.
And this is the part most people miss: These weren’t just any executives—they were seasoned veterans with deep roots at CAAT. Haque, for instance, had nearly 16 years under his belt, including a stint as CIO since 2021. Dawson, a former BlackRock vice-president, joined CAAT in 2018 and took the CFO reins in 2022. Howard, a former Bay Street lawyer, had been with the organization since 2012. Their collective departure raises eyebrows, especially given CAAT’s robust financial standing, managing $23.3 billion in assets with a surplus funding position of $1.24 in assets for every dollar owed in pensions as of January 1, 2025.
To fill the void, CAAT has promoted Kevin Fahey, a 17-year veteran, to CIO and appointed Scott Blakey, a former trustee, as interim executive vice-president and chief people and culture officer. Dobson assured staff that the 2026 business plan remains on track and that the search for permanent senior executives is underway. Meanwhile, Chief Strategy Officer Jillian Kennedy and Vice-President of Actuarial Solutions John Baiocco will continue in their roles, ensuring stability in funding and sustainability.
But here’s the controversial question: Is this reshuffle a strategic realignment or a symptom of deeper issues? CAAT, a multiemployer pension fund serving over 750 employers and 120,000 members, has been a pillar of financial security since 1967. Yet, the sudden exodus of key leaders—especially without clear explanations—has left many speculating. Could there be disagreements over the plan’s future direction? Or is this simply a natural evolution of leadership? We’d love to hear your thoughts in the comments.
One thing’s for sure: this development has put CAAT in the spotlight, and all eyes will be on how the organization navigates this transition. As The Globe, a participating employer in CAAT since 2022, we’ll be closely monitoring the situation and keeping you informed. Stay tuned—this story is far from over.
