The entire board of Alberta Investment Management Corporation (AIMCo) was dismissed with finance minster Nate Horner taking the chair role on a board for which he, for now, is the sole director. He later told reporters that this was not a knee-jerk reaction but followed concerns for some time.

Longtime Alberta bureaucrat Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions and investments at arm’s-length from government.

The province says the move comes "after years of AIMCo consistently failing to meet its mandated benchmark returns." For now, Finance Minister Nate Horner has been appointed the AIMCo board's sole director and chair.

Alberta’s government named a long-serving bureaucrat as interim chief executive officer of the province’s pension fund manager following Thursday’s shock firing of the entire board.