Perigee Investment Counsel Inc. says that Stephen Griggs will become president and CEO of the company effective January 27, subject to regulatory approvals.

Derek Ridout, who has served as CEO since April 2001, will provide transitional support over the coming months.

“This announcement represents the successful culmination of a rigorous search for a successor CEO with strong leadership and marketing skills, along with senior investment company operating experience in a growth environment,” said Alex Wilson, chairman of Perigee.

Griggs has over 15 years of experience in the investment management industry, including more than eight years of experience as chief operating officer of two money management organizations — AIC Funds and BPI Financial Corp. Prior to 1994, he was a partner with the Toronto law firm of Smith Lyons, specializing in securities and corporate commercial law.

Raymond Mason, chairman and CEO of Legg Mason, Inc., which acquired Perigee in May 2000, said: “Perigee is moving forward with a thoughtful strategic plan that will position it for continued strength and new growth. We look forward to working with Stephen and his team in solidifying and growing Perigee’s position in Canada, as well as capitalizing on other strategic opportunities that may emerge.”

Wilson added, “We are very grateful to Derek Ridout for steering Perigee through a period of considerable challenge in the asset management industry.”

Incoming CEO Griggs said, “Perigee is a first-rate investment business with outstanding opportunities to broaden the investment services offered to its clients. My first order of business is to maintain and build on the current strengths of the company — its people, its reputation for quality and, through its relationship with Legg Mason, its ability to bring exciting new U.S. and international investment products to the Canadian market.”

Perigee, with offices in Vancouver, Waterloo, Toronto, and Montreal, manages over $13 billion in assets for pension plans, other institutional clients such as property and casualty insurance companies, public funds, foundations and private clients.