Michael Sabia

Michael John Sabia OC (born September 11, 1953)[1] is a Canadian businessman. From 2009 to 2020, he was president and CEO of Caisse de dépôt et placement du Québec.[2][3] On November 12, 2019, the University of Toronto’s Munk School of Global Affairs & Public Policy named Sabia as its director.[4]

Michael Sabia

OC
Deputy Minister of Finance
Designate
Assuming office
December 15, 2020
MinisterChrystia Freeland
SucceedingPaul Rochon
Personal details
Born
Michael John Sabia

(1953-09-11) September 11, 1953
St. Catharines, Ontario, Canada
Spouse(s)Hilary Pearson
ParentsMichael Joseph Sabia
Laura Sabia
Alma materUniversity of Toronto
Yale University
OccupationCEO of Caisse de dépôt et placement

Sabia formerly served as CEO of BCE Inc. from 2002 through 2008.[5]

Personal life

Born in St. Catharines, Ontario, Sabia is the son of Michael Joseph Sabia and Laura Sabia (née Villela); both parents are of Italian descent.[6] He attended Ridley College also in St. Catharines. He is married to Hilary Pearson. Sabia has his undergraduate education from the University of Toronto and earned his graduate degrees from Yale University. His wife, Hilary Pearson, is the granddaughter of former Prime Minister Lester Pearson.[7] In 2016, he was appointed as an Officer of the Order of Canada.[8]

Career

Sabia held a number of senior positions in Canada's federal public service during the 1980s and early 1990s, including Deputy Secretary to the Cabinet of the Privy Council Office.

Sabia's supervisor, Clerk of the Privy Council Paul Tellier, left the public service to assume the presidency of Crown corporation Canadian National Railway in the early 1990s and subsequently persuaded Sabia to follow him to help in privatizing the company. Sabia held a number of executive positions at Canadian National Railway during the 1990, including the position of chief financial officer.

Sabia left Canadian National to join Bell Canada Enterprises in 1999, and became chief executive in 2002 succeeding Jean Monty. In 2007, his board accepted an offer from the Ontario Teachers' Pension Plan to privatize the telecommunications company. Later that year, Sabia said he would leave Bell after the privatization deal was finalized.[9] Sabia left Bell in July 2008 and was succeeded by George Cope. By December 2008, following the collapse of the debt market, the privatization deal fell apart.

Sabia was named chief executive of the Caisse de dépôt et placement du Québec on March 13, 2009 to succeed Fernand Perrault.[10] At CDPQ, he was both president and CEO.[11] On February 15, 2017, the Caisse announced that Michael Sabia’s mandate as president and CEO has been renewed until March 31, 2021.

Sabia was a member of the Advisory Council on Economic Growth, which advised the Canadian Finance Minister on economic policies to achieve long-term sustainable growth. The Council called for a gradual increase in permanent immigration to Canada to 450,000 people a year.[12][13]

Bloomberg said in 2019 "under Sabia's tenure, the Caisse dove into international markets. About 64% of the fund, which manages the pension savings for the province of Quebec, is now in global markets versus 36% in 2009."[14] On November 12, 2019, it was announced that Sabia would be leaving the Caisse to become head of the Munk School of Global Affairs and Public Policy at the University of Toronto, leaving his job at the Caisse a year early.[15] He was appointed to the new role in February 2020.[16]

In April 2020, Sabia was appointed Chair of the Board of Directors of the Canada Infrastructure Bank.[17] He is still the chair of Canada Infrastructure Bank in October 2020.[18]

He was replaced by Charles Emond as head of the Caisse de depot et placement in January 2020.[19]

In June 2020, he was appointed Director of the Mastercard Foundation.[20]

On December 6, 2020, it was announced that Sabia would replace Paul Rochon as Deputy Minister of Finance Canada.[21]

See also

References
  1. "In the eye of the hurricane". The Globe and Mail. June 20, 2012.
  2. "Canada’s Caisse de Depot Names Sabia Chief Executive". Bloomberg.
  3. https://www.cdpq.com/en/news/pressreleases/michael-sabia-announces-departure
  4. https://www.utoronto.ca/news/u-t-names-michael-sabia-director-munk-school-global-affairs-public-policy
  5. "Michael J. Sabia". The Learning Partnership. 2007. Archived from the original on September 28, 2007. Retrieved September 21, 2007.
  6. https://www.ledevoir.com/politique/quebec/249096/l-heritage-maternel-de-michael-sabia
  7. http://www.seaboardgroup.com/main/index.php?option=content&task=view&id=703&Itemid=2
  8. "Governor General Announces 100 New Appointments to the Order of Canada as Canada Turns 150". The Governor General of Canada His Excellency the Right Honourable David Johnston. Retrieved December 31, 2016.
  9. "Michael Sabia leaving as boss of BCE after privatization, shareholders told". The Canadian Press. 2007. Retrieved September 21, 2007.
  10. FERNAND PERREAULT
  11. Peter Bisson and Jonathan Terault (2015). "A conversation with CDPQ's Michael Sabia" (PDF). www.mckinsey.com. McKinsey. Retrieved October 7, 2020.
  12. "Fortier, Ragan part of Advisory Council on Economic Growth". McGill Reporter. May 17, 2016.
  13. "Influential Liberal advisers want Canadian population to triple by 2100". Global News. October 23, 2016.
  14. Paula Sambo and Sandrine Rastello (November 28, 2019). "Head of $247 Billion Fund Says China-U.S. Tension Here to Stay". www.bloomberg.com. Bloomberg. Retrieved November 28, 2019.
  15. Barbara Shecter (November 13, 2019). "Sabia's dual legacy at the Caisse: He kept his stakeholders — and his political masters — happy". www.financialpost.com. Financial Post. Retrieved October 7, 2020.
  16. "Michael Sabia leaving Caisse to head University of Toronto's Munk School". CBC News. November 12, 2019.
  17. "Michael Sabia – Canada Infrastructure Bank – Banque de l'infrastructure du Canada". cib-bic.ca. Retrieved May 9, 2020.
  18. Kathleen Harris (October 1, 2020). "Liberal government to spend $10B on infrastructure to fuel pandemic economic recovery". www.cbc.ca. CBC.ca. Retrieved October 7, 2020.
  19. The Canadian Press (January 29, 2020). "Quebec government selects new CEO of the Caisse, replacing Michael Sabia". www.thestar.com. The Star. Retrieved October 7, 2020.
  20. https://www.newswire.ca/news-releases/mastercard-foundation-appoints-zein-m-abdalla-as-board-chair-899846651.html
  21. https://www.theglobeandmail.com/amp/politics/article-michael-sabia-to-be-named-next-deputy-minister-of-finance-canada/?__twitter_impression=true
Preceded by
Janice Fukakusa		 Chairperson of the Canada Infrastructure Bank
April 2020 - January 2021		 Succeeded by
Tamara Vrooman
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