An unspecified number of employees at Caisse de dépôt's real estate subsidiaries, Ivanhoé Cambridge and Otéra Capital, will lose their jobs as part of a major restructuring expected to result in annual savings of $100 million.
• Also read: Ivanhoé Cambridge is cutting staff again
• Also read: Ethics: Ex-Otéra boss says he was fired so Caisse de dépôt could save face
“At this point in time we cannot provide any figures on the number of jobs. Every team works to optimize resources, processes and systems. “Our employees will be informed of their status by the end of April,” Caisse spokeswoman Kate Monfette told the Journal on Wednesday.
Ivanhoé and Otéra will be fully integrated into the fund within 18 to 24 months, the institution said. The Caisse will acquire the shares of minority shareholders in the two subsidiaries: the Desjardins Movement Pension Plan (Ivanhoé and Otéra), Rio Tinto (Ivanhoé) and the Montreal Police Officers (Ivanhoé).
“This integration is based on the vision of a consolidated fund that maximizes its impact and performance to provide our depositors with the best service at the best cost,” the institute's CEO Charles Emond said in a statement.
The head of Santé Québec?
Ivanhoé Cambridge CEO Nathalie Palladitcheff will leave her position at the end of April. Ms. Monfette assured that she would not receive any severance pay. She has been at the helm of Ivanhoé since March 2018. According to rumors, she will be Minister Christian Dubé's “top gun” at the head of the new agency in Santé Québec.
The last few years have been very eventful for the Caisse's real estate subsidiaries. In 2019, our Bureau of Investigation uncovered significant governance issues at Otéra, which led to the firing of its CEO, Alfonso Graceffa. The pandemic then significantly affected Ivanhoé's activities, particularly in the shopping center and office building sectors.
Ivanhoé Cambridge has carried out several waves of layoffs since 2020. The most recent is from November.
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