CPPIB says it approved healthy, but phased-in, pay raise for its directors more than six months ago

, Economic

Mark Machin -- Incoming CPP Investment Board CEO Mark Machin, looks over at outgoing CEO Mark Wiseman during a press announcement.

May 19, 2016 won’t be remembered as the best day in the history of the Canada Pension Plan Investment Board.

The organization’s carefully laid plans to depict the departure of chief executive after four years at the helm and announce the arrival of another as normal course business came unstuck thanks to some diligent reporting and careful analysis by colleagues, Barbara Shecter and Andrew Coyne.

Clearly the situation was far from normal given that the outgoing chief executive served a shorter term than expected and a shorter term that the previous two chief executives. In addition the transition to the new CEO is far from normal.

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