The Canada Infrastructure Bank (CIB) announced two significant leadership changes on April 3.

Stepping away from their posts are CEO Pierre Lavallée and board chair Janice Fukakusa. Lavallée’s resignation was immediate, and he is replaced on an interim basis by CFO and CAO Annie Ropar. Lavallée has served as CEO of the bank since June 2018.

The bank says the decision positions the organization to “build on its strong foundation to support more revenue generating infrastructure projects in the public interest.”

“I am proud of the progress that CIB has made and of the team of dedicated experts that we have assembled,” said Lavallée. “CIB has already committed $3.6 billion to projects valued at $20 billion. In addition, CIB is working on a large pipeline of new projects in collaboration with over 100 public sponsors from coast to coast to coast at the federal, provincial, territorial, municipal and Indigenous government levels.”

Fukakusa’s resignation takes effect on April 15. According to the bank, she advised the government of her decision to step down last fall. Her focus will turn to her other commitments in the public and private sectors.

Replacing Fukakusa as chair-designate of the bank’s board is Michael Sabia, director of the University of Toronto’s Munk School of Global Affairs & Public Policy. Sabia is also the former CEO of Caisse de dépôt et placement du Québec.

“It has been a great privilege to serve as the founding chair of the bank and I am grateful to the Government of Canada for the opportunity,” said Fukakusa. “The Canada Infrastructure Bank is critically important, and I am proud of the work we have done to stand up the bank to support Canada’s 21st century infrastructure needs. As I step down, the board and the bank as a whole are ready to step up to serve Canadians well.”

Citing the crisis caused by COVID-19, the bank calls 2020 “a pivotal year.” It says its leadership will focus on collaboration with provincial, territorial, municipal, federal, Indigenous and private sector investor partners, so that priority projects can move from conception to completion.

Founded in 2017, the bank has a mandate to invest $35 billion for priority infrastructure sectors: green infrastructure, public transit, trade and transport, and broadband facilities.

Projects funded by the bank to date include $1.28 billion for the Montreal Réseau express métropolitain rapid-transit system, up to $2 billion for the Toronto-area GO train expansion, and up to $55 million for Via Rail’s proposed High Frequency Rail Project.