CAAT Pension Plan CEO Placed on Leave, New Acting CEO and New Chair and Vice Chair Appointed

Derek Dobson placed on administrative leave effective immediately
Kevin Fahey, current Chief Investment Officer, appointed as acting CEO and Plan Manager
Audrey Wubbenhorst and Janet Greenwood appointed Chair and Vice Chair, respectively

Toronto, February 13, 2026 – The Board of Trustees of the CAAT Pension Plan (“CAAT” or “the Plan”) today announced the appointment of a new acting Chief Executive Officer and Plan Manager, and that Derek Dobson has been placed on administrative leave. CAAT also announced it has appointed a new Chair and Vice Chair of its Board of Trustees.

Mr. Dobson’s administrative leave is effective immediately, and Kevin Fahey, who most recently served as CAAT’s Chief Investment Officer and has spent more than 16 years at the Plan, has been appointed as acting CEO to ensure CAAT remains focused on executing its strategy and serving its sponsors and members.

Audrey Wubbenhorst has been appointed as Chair. Ms. Wubbenhorst succeeds Don Smith. Janet Greenwood has been appointed as Vice-Chair, replacing Kareen Stangherlin, who was Vice-Chair and who has resigned as a CAAT trustee.

Speaking about Mr. Fahey’s appointment, Ms. Wubbenhorst said: “The CAAT Board of Trustees has determined that these changes are in the best interests of the Plan and are necessary to restore stakeholder trust in CAAT’s leadership, governance and plan management. Kevin is a veteran CAAT executive with a strong track record of high performance and his extensive experience and institutional knowledge make him ideally suited to lead the organization through the current period of significant change.”

In addition to his service at CAAT, Mr. Fahey sits on the Investment Committee for Teachers' Pension Plan Corporation of Newfoundland and Labrador. Previously, he was the Chair of the Pension Investment Association of Canada and also chaired the Salvation Army of Canada’s Investment Advisory Committee. Mr. Fahey holds a BCom from Queen’s University, an LL.B from Osgoode Hall Law School at York University and is a CFA Charterholder.

Ms. Wubbenhorst has been an employee-appointed Trustee since 2023 and is Co-Chair of the Finance and Administration Committee. Ms. Wubbenhorst is a faculty member at Humber Polytechnic where she teaches communications. Prior to joining Humber, she worked for more than a dozen years at BMO Bank of Montreal in human resources, communications and commercial banking. She has also served as a school trustee and on several boards including Humber Polytechnic, Toronto Community Housing Corporation, Holland Bloorview Hospital's Research Ethics Board and CNIB Lake Joe's Advisory Board. Ms. Wubbenhorst has an MA, MBA and ICD.D designation.

Ms. Greenwood has been an employer-appointed Trustee since 2023 and has served as a Co-Chair on the Investment Committee and a member of the Governance Committee. She has more than three decades of global wealth management expertise in corporate and pension fund management, institutional investment, governance, business development and risk management. Her portfolio career includes roles as Committee Chair, Co-Chair, Independent Director, Director of Special Purpose Corporations, and also at charitable and not-for-profit organizations. Ms. Greenwood holds business degrees, investment certifications and holds the ICD.D designation.

In addition to the appointments of Mr. Fahey, Ms. Wubbenhorst and Ms. Greenwood, CAAT also provided an update on its independent governance review, which was established by the Board after it became aware of concerns related to a vacation payment to Mr. Dobson. The governance-related issues subject to the review do not affect the Plan’s financial health or its ability to deliver secure, predictable pensions to members, and CAAT continues to expect that it will be completed later in February.

“Good governance is the backbone of a pension plan’s stability and strength, and the foundation for trust between the plan and its sponsors, members and all other stakeholders,” Ms. Wubbenhorst said. “The Board will carefully consider findings and recommendations of the independent review and remains focused as always on strengthening Plan governance to ensure it aligns with industry best practices.”

CAAT's most recent independent valuations show the Plan at a 124% funded status. This means for every $1 of pension benefits CAAT has promised to members, the Plan has $1.24 in assets. With more than $23 billion in assets and over $6 billion in funding reserves, the Plan is well positioned to withstand market volatility, demographic change, and other risks. Stress testing confirms a greater than 99% probability that the Plan will remain fully funded over the next 20 years.

About CAAT:

Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers highly desirable modern defined benefit pensions. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 800 participating employers in 20 industries, including the for-profit, non-profit, and broader public sectors. It currently has more than 125,000 members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. On January 1, 2025, the Plan was 124% funded on a going-concern basis.

Learn more at: www.caatpension.ca.

For more information:
Stephen Hewitt
shewitt@caatpension.ca