(April 25 – 19:00 ET) – Investors Group Inc. is welcoming Jeffrey Orr as the company’s new president and CEO, effective May 1. Yesterday it was announced that Orr was stepping down as chairman and CEO of BMO Nesbitt Burns.

Investors Group says that current president and CEO Sanford Riley will become chairman of the Investors Group board of directors.

The company says changes to its two senior positions are designed to help realize the opportunities resulting from the acquisition of Mackenzie Financial, while ensuring that Investors Group continues to focus on building the growth and profitability of its core business.

In addition to his new role as chairman, Riley will also lead the process that both companies have established to achieve the revenue enhancements and cost efficiencies made possible by the Mackenzie acquisition.

“The company is very fortunate in being able to continue to benefit from Riley’s experience and leadership abilities. During Riley’s nine years as CEO, Investors Group has by every measure experienced exceptional growth, which has allowed it to continue as the leading mutual fund group in Canada. Under his leadership, Investors Group has also pursued a number of innovative strategies which has enhanced the company’s competitive position,” commented Robert Gratton, chairman of the board of Investors Group.

“The appointment of Orr as CEO will provide the company, its management and its consultants with the excellent leadership that Orr has demonstrated throughout his career,” added Riley. ” Orr knows Investors Group very well and is committed to continue to develop the unique character of its distribution and marketing strategy. For my part, I look forward to working with the management teams of Investors Group and Mackenzie in making this relationship as successful as we all think it can be.”

Orr comes to Investors Group after serving as the vice-chair, Investment Banking Group, of the Bank of Montreal and chairman and CEO of BMO Nesbitt Burns.

“I am very pleased to join Investors Group, one of the leading financial institutions in Canada,” said Orr. “The future opportunities for this company are great – Investors Group holds a pre-eminent position in Canada, and has an enviable record of achievement.”

Investors Group and Mackenzie will continue to remain separate and distinct in their distribution, investment management operations and their brands, while working together in areas such as corporate operations and infrastructure.

Working with Riley, the company says a anagement committee comprised of senior officers of both companies will work together to realize the benefits from the relationship between Mackenzie and Investors Group.

An executive steering committee comprised of, in addition to Riley, Orr, James Hunter (CEO of Mackenzie), Raymond McFeetors (CEO of Great-West Life/London Life), and chaired by Gratton (CEO of Power Financial) will oversee the process.