The Ontario Teachers’ Pension Plan Board has named Mabel Wong as the organization’s permanent CFO.

Wong had been serving as interim CEFO since April 8 after Tim Deacon resigned to join Sun Life as CFO.

Wong joined Teachers’ as a senior managing director in the finance division in 2023 and was accountable for enterprise planning, finance operations, finance transformation and strategic procurement.  

Teachers’ ranks among Canada and the world’s largest institutional commercial real estate investors.

“I am delighted to announce the appointment of Mabel Wong as our chief financial officer, effective immediately,” said Jo Taylor, president and CEO of Teachers’. “She has been a strong leader within the finance division since joining Ontario Teachers’ and has done a fabulous job as acting CFO over the past months.”

Wong has 20 years of experience in financial services and asset management. Prior to joining Teachers’, she spent a number of years at Brookfield Asset Management, most recently as CFO of the Brookfield Reinsurance Group and previously in various senior finance leadership roles in its corporate, infrastructure, and private equity groups.

In addition to naming Deacon as its new CFO, Sun Life appointed him as an executive vice-president. Deacon will also serve on the Toronto-based company’s global executive team. His responsibilities will include finance, tax, capital management, investor relations and strategic financial initiatives.

He will succeed Manjit Singh, who now heads Toronto-based Sun Life’s Asian business.

Teachers’ will commence a process to appoint Deacon’s successor. His departure is the latest in a series of Teachers’ executive moves in recent months. Ziad Hindo left his post as chief investment officer at year-end 2023, prompting a series of other executive and management revisions.

Deacon is returning to the insurance industry, where he spent 14 years with Manulife before joining Teachers’ in 2021.

Teachers’ holds $247.5 billion in net assets and invests in more than 50 countries. At last report, Sun Life had $1.40 trillion in net assets.

As CFO, Wong oversees Teachers’ global finance activities and is responsible for financial management and reporting; valuation, risk analytics and model valuation; financial operations; and strategic finance initiatives.

At last report, Teachers’ had $255.8 billion in net assets. The pension plan invests in about 50 countries in a broad array of assets including real estate, public and private equities, fixed income, credit, commodities, natural resources, infrastructure and venture growth.

Photo: Mabel Wong