The CAAT Pension Plan has placed its chief executive officer on administrative leave and appointed a new acting CEO following concerns over a vacation payment to the plan’s top executive.
Derek Dobson was placed on leave effective Feb. 13, 2026. Kevin Fahey, who served as CAAT’s chief investment officer and has spent more than 16 years at the plan, has been named acting CEO and plan manager.
Leadership overhaul at the top
The board of trustees also appointed Audrey Wubbenhorst as chair, succeeding Don Smith, and Janet Greenwood as vice-chair. Kareen Stangherlin, who previously served as vice-chair, resigned as a CAAT trustee.
“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,” Wubbenhorst said. “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.”
About the incoming leadership
Fahey holds a BCom from Queen’s University and an LL.B from Osgoode Hall Law School at York University, and is a CFA Charterholder. Beyond CAAT, he sits on the investment committee for Teachers’ Pension Plan Corporation of Newfoundland and Labrador and previously chaired the Pension Investment Association of Canada.
Wubbenhorst has served as an employee-appointed trustee since 2023 and is co-chair of the Finance and Administration Committee. She is a faculty member at Humber Polytechnic and spent more than a decade at BMO Bank of Montreal in human resources, communications and commercial banking. She holds an MA, MBA and ICD.D designation.
Greenwood has been an employer-appointed trustee since 2023 and brings more than three decades of experience in global wealth management, pension fund management and institutional investment. She holds business degrees, investment certifications and the ICD.D designation.
Independent governance review underway
The board launched an independent governance review in early February after learning of concerns tied to a vacation payment made to Dobson. The review covers CAAT’s governance policies, procedures and practices, and the board expects it to be completed later in February 2026.
CAAT says the governance issues do not affect the plan’s financial health or its ability to pay out pensions.
“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,” 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.”
Plan’s financial position remains strong
CAAT’s most recent independent valuations show the plan at 124 per cent funded status, meaning it holds $1.24 in assets for every $1 in pension benefits promised to members. The plan holds more than $23 billion in assets and more than $6 billion in funding reserves.
Stress testing confirms a greater than 99 per cent probability the plan will remain fully funded over the next 20 years, according to CAAT.
Established in 1967, the CAAT Pension Plan serves more than 800 participating employers across 20 industries and has more than 125,000 members.
