CPPIB CEO Mark Machin steps down after getting vaccinated in UAE

The head of Canada Pension Plan Investment Board, Mark Machin, has stepped down after disclosing he recently traveled to the United Arab Emirates where he arranged to be vaccinated against Covid-19, the country's largest pension fund said on Friday.
 

CPPIB said on Friday it had accepted Machin's resignation and appointed John Graham as chief executive officer.
 

Canada's Ministry of Finance on Thursday called a media report about Machin traveling to the Middle East and receiving a COVID-19 vaccination "very troubling".
 

Machin was not immediately available for comment.
 

Machin, 54, received Pfizer's vaccine shot after arriving in the UAE with his partner this month, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
 

Machin joined CPPIB in March 2012 and was appointed as its president and chief executive officer in 2016. He had a 20-year long career at Goldman Sachs Group Inc prior to joining CPPIB.
 

There is no specific ban on Canadians traveling abroad, but the federal and provincial governments have advised against overseas trips to prevent the spread of the novel coronavirus.
 

Canada trails behind many developed nations in its vaccination drive, with under 3% of the population inoculated so far. Prime Minister Justin Trudeau's government has come under attack from opposition leaders and provincial premiers for the slow-burn roll out.
 

Some Canadian federal and provincial leaders have resigned in the past month after their overseas leisure trips sparked public outrage.
 

Incoming CEO Graham has been with CPPIB for 10 years. Prior to that he was with Xerox Innovation Group for over nine years.