Tom Cotter, vice chairman of the Alberta Securities Commission (ASC), will take over as interim chairman and CEO when Bill Rice retires at the end of the month.
The Calgary-based ASC announced on Wednesday that Rice will retire from his position as chairman and CEO on Sept. 30, and Cotter’s interim appointment is effective Oct. 1.
“The appointment of Mr. Cotter to interim chair is part of the orderly transition and appointment of a new chair and chief executive officer, the process of which was delayed earlier this year due to provincial elections,” the ASC said in a statement.
The commission’s governance committee is overseeing the search for Rice’s permanent replacement, but the Alerta’s finance minister has responsibility for appointing the regulator’s chief.
Rice helmed the ASC for two consecutive five-year terms, and served as chair of the Canadian Securities Administrators (CSA) from 2011 until March of this year, when he was replaced by Louis Morisset, president and CEO of the Autorité des marchés financiers (AMF). Before taking over as head of the ASC in July 2005, Rice was a partner with Bennett Jones LLP in Calgary.
“I am extremely proud of the strong team we have built, both at the senior management level and across the commission,” said Rice. “I am confident that the ASC will continue to do an excellent job of fulfilling its mandate of ensuring a fair and efficient capital market and protecting investors.”
Cotter was appointed vice chairman of the ASC for a six-year term in 2014. Prior to that he was a partner at McCarthy Tétrault in Calgary.