The CAAT Pension Plan is parting ways with chief executive officer Derek Dobson, who has agreed to repay a controversial $1.6-million vacation payout he received last year as he ends his nearly 17-year tenure at the helm of the plan.<\/p>\n
CAAT said in a statement on Friday that \u201cMr. Dobson has tendered his resignation and will leave CAAT effective immediately\u201d as part of a settlement agreement that \u201cbrings closure to his employment at the plan.\u201d<\/p>\n
Mr. Dobson was placed on administrative leave last month after concerns about his leadership and the board\u2019s oversight of his actions caused upheaval in the senior ranks of the $23-billion fund. This ultimately led to a governance crisis<\/a> that has prompted an overhaul of the plan\u2019s management.<\/p>\n The terms of the settlement agreement were not disclosed. <\/p>\n \u201cBoth Mr. Dobson and the CAAT board of trustees acknowledge the importance of moving forward in a manner that supports the long-term health of the plan and the beneficiaries it serves,\u201d CAAT\u2019s statement said. <\/p>\n Mr. Dobson said in an e-mail that he is leaving \u201cwith deep pride in what we accomplished together,\u201d and remains \u201cpassionate about strengthening retirement income security for Canadians.\u201d<\/p>\n \u201cThere is more important life-changing work to be done,\u201d he added. <\/p>\n CAAT is a multiemployer pension plan that expanded rapidly during Mr. Dobson\u2019s tenure, from $4-billion in assets to more than $23-billion today. It serves Ontario\u2019s colleges and more than 800 public- and private-sector employers, with about 125,000 members. The Globe and Mail is a participating employer in CAAT since 2022. The plan is also in a surplus position, with $1.24 for every dollar of expected pension obligations in the future. <\/p>\n Tensions at CAAT hit a tipping point in November, 2025, when the plan\u2019s chief investment officer, chief financial officer and chief pension officer wrote a letter to the plan\u2019s board urging trustees to investigate several concerns they had about Mr. Dobson\u2019s leadership and board oversight of his actions. Key among them was the $1.6-million vacation payment that Mr. Dobson is now returning, awarded as apparent compensation for his unused vacation time over multiple years, which was at odds with an internal policy. <\/p>\n The executives also raised concerns about a personal relationship that Mr. Dobson was having with a CAAT employee, and why it was allowed to continue, even as the board put guardrails in place to try and manage potential conflicts of interest. <\/p>\n