(Bloomberg) -- 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.

Ray Gilmour, who joined the public service in 2007 and currently serves as deputy minister of the executive council, will work to “stabilize operations and ensure smooth operations” at Alberta Investment Management Corp. while a permanent CEO is chosen, the province said in a statement Friday. 

Finance Minister Nate Horner is acting as Aimco’s chairman and sole director after the province sacked the manager’s board and CEO on Thursday.

Alberta Premier Danielle Smith’s government said yesterday that it’s seeking major changes at Aimco after the firm’s headcount and costs swelled without a corresponding improvement in returns. 

Gilmour “has been the most trusted official in the province under three premiers,” Horner said in a statement Friday. “I have complete confidence in his ability to get costs at Aimco under control and restore stability to the corporation.”

Aimco managed about C$161 billion ($116 billion) of public pension and other government money as of the end of 2023. The firm has more than 200 investment professionals, and 600 employees in total, working in offices from Alberta’s capital city to London, Luxembourg, Singapore and New York. 

Aimco said in a statement that it welcomes Gilmour’s appointment and remains committed to investing on behalf of its clients.

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