AIMCo Layoffs: Alberta government removes entire board and CEO amid rising costs

What’s happening at AIMCo?

The Alberta government has dismissed the entire board at the Alberta Investment Management Corporation (AIMCo)—along with CEO Evan Siddall—pointing to “significant” cost increases without matching returns.

Ray Gilmour, the province’s top deputy minister and secretary to cabinet, is reportedly expected to take the reins.

AIMCo, which manages pension, government, and endowment funds across Alberta, has seen heightened scrutiny for rising management fees and operating expenses amid concerns about financial performance.

Key details

• Rising costs: From 2019 to 2023, AIMCo’s third-party management fees nearly doubled, increasing by 96 per cent. During the same period, AIMCo’s workforce grew by 29 per cent, and salary and benefit costs climbed by 71 per cent, even as AIMCo managed a smaller proportion of funds internally.
• CEO and board changes: While Siddall’s dismissal was not explicitly mentioned in the news release, Alberta Treasury Board and Finance Minister Nate Horner confirmed it during a media briefing, saying, “I did relieve the CEO of his duties.” Horner indicated that AIMCo’s rising expenses had been a “longstanding concern,” adding that the government’s decision followed a recent board meeting that showed continued cost increases.
• Temporary leadership and future plans: Horner will serve as AIMCo’s interim sole director and chair until a new board chair is appointed within 30 days. A complete board restructuring is set to follow.
• Statement from Alberta’s government: “AIMCo’s work has direct consequences for Albertans,” said Horner. “While they have achieved returns for their clients, we are acting to bring a renewed focus on the best possible returns and low operating costs.”

AIMCo’s now-dissolved board included Jim Keohane, former CEO of the Healthcare of Ontario Pension Plan (HOOPP), and Bob Dhillon, CEO of Mainstreet Equity Corp.

AIMCo’s Chief Investment Officer Marlene Puffer also left her position in September after less than two years.

SEE ALSO
• Six senior executives fired from Alberta Health Services: Severance rights
• RBC Ex-CFO Nadine Ahn sues for $49M in wrongful dismissal claim
• Endeavour Mining fires CEO, alleges ‘serious misconduct’

Next steps

Non-unionized employees affected by layoffs at AIMCo are entitled to full severance pay in Alberta.

This includes individuals working in any capacity—full-time, part-time, hourly, or as “independent contractors“.

Key Severance Facts:

• Severance Pay: Can be up to 24 months’ pay, depending on role, length of service, age, and other factors.
• What’s Included: In addition to salary, severance may cover bonuses, commissions, and other compensation.
• Deadlines: You have up to two years from your termination date to pursue severance, regardless of any employer-imposed deadlines, which aren’t legally enforceable.
• Get Help: Contact Samfiru Tumarkin LLP for a severance review and to get proper compensation.

Learn more about severance rights for AIMCo employees by visiting our detailed AIMCo severance packages page.

Before you sign a severance package

Use our free Alberta Severance Pay Calculator to confirm if your offer is fair.

This interactive tool has helped millions of Canadians confirm their entitlements.

If you offer is less than the calculator’s estimate, you may have grounds for a wrongful dismissal claim—reach out to our team at Samfiru Tumarkin LLP for guidance.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass termination in Alberta
• Severance entitlements in a recession

WATCH: Employment lawyer Lior Samfiru explains severance rights if you’ve been downsized, on an episode of the Employment Law Show.

Talk to an employment lawyer

If you’re facing job loss or workplace issues, explore your options with our Pocket Employment Lawyer tool or contact the experienced team at Samfiru Tumarkin LLP.

Our lawyers in Alberta, B.C., and Ontario have successfully represented tens of thousands of non-unionized employees. Beyond severance packages, we can assist with issues like:

Get the advice you need and the compensation you deserve.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.