Alberta’s government named a long-serving bureaucrat as interim chief executive officer of the province’s pension fund manager following Thursday’s shock firing of the entire board.Ray Gilmour, who joined the public service in 2007 and currently serves as deputy minister of the executive council,

Longtime Alberta bureaucrat and top deputy minister Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions an

Alberta Investment Management Corp.’s chief executive officer and entire board were sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.

The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

Alberta’s finance minister has sacked the board of directors of AIMCo, which manages pension and other funds for the province and handles more than $160 billion in assets

For now, Finance Minister Nate Horner has been appointed the sole director and chair for AIMCo, according to the province.