Michael Sabia | |
|---|---|
| Deputy Minister of Finance | |
| Assumed office December 14, 2020 | |
| Minister | Chrystia Freeland |
| Preceding | Paul Rochon |
| Personal details | |
| Born | Michael John Sabia (1953-09-11)September 11, 1953 (age 71) St. Catharines,Ontario, Canada |
| Spouse | Hilary Pearson |
| Parent(s) | Michael Joseph Sabia Laura Sabia |
| Education | Ridley College |
| Alma mater | University of Toronto (BA) Yale University (MPhil) |
| Occupation | Businessman and civil servant |
Michael John SabiaOC (born September 11, 1953)[1] is a Canadian businessman and civil servant. From 2009 until January 2020, Sabia was president andCEO ofCaisse de dépôt et placement du Québec.[2][3] He previously was CEO ofBCE Inc. from 2002 to 2008.[4] In November 2019, the University of Toronto'sMunk School of Global Affairs and Public Policy announced that Sabia would be its new director.[5] He was in that role from February to December 2020, when he was appointed by theGovernment of Canada asDeputy Minister of Finance.[6] He remains as a Distinguished Fellow at theMunk School.[7]
On May 23, 2023 Sabia was announced as the next CEO ofHydro-Québec, Quebec's public electricity utility.
Born inSt. Catharines,Ontario, Sabia is the son of Michael Joseph Sabia andLaura Sabia (née Villela); both of his parents are ofItalian descent.[8] He attendedRidley College in St. Catharines. Sabia received his undergraduate education from theUniversity of Toronto, and he earned hisgraduate degree atYale University.
His wife, Hilary Pearson, is the granddaughter of formerPrime MinisterLester B. Pearson.[9] In 2016, Sabia was appointed as anOfficer of the Order of Canada.[10]
Sabia held a number of senior positions in Canada's federal public service during the 1980s and early 1990s, including Deputy Secretary to the Cabinet of thePrivy Council Office. Sabia's supervisor at that time, Clerk of the Privy CouncilPaul Tellier, left the public service in the early 1990s to assume the presidency of aCrown corporation,Canadian National Railway. He subsequently persuaded Sabia to follow him to help in privatizing the company. Sabia held a number of executive positions at Canadian National Railway during the 1990s, including the position ofchief financial officer.
He left Canadian National Railway to joinBell Canada Enterprises in 1999 and became chief executive in 2002, succeedingJean Monty. In 2007, the BCEboard of directors accepted an offer from theOntario Teachers' Pension Plan to privatize the telecommunications company. Later that year, Sabia said he would leave Bell after the privatization deal was finalized.[11] Sabia left Bell in July 2008 and was succeeded byGeorge Cope. By December 2008, following the collapse of thedebt market, the privatization deal fell apart.
On March 13, 2009, Sabia was named chief executive ofCaisse de dépôt et placement du Québec (CDPQ), succeeding Fernand Perrault.[12] At CDPQ, he was both president and CEO.[13] On February 15, 2017, CDPQ announced that Sabia's mandate as president and CEO was renewed until March 31, 2021.Bloomberg said in 2019 that "under Sabia's tenure, the Caisse dove into international markets. About 64% of the fund, which manages the pension savings for the province of Quebec, is now in global markets versus 36% in 2009."[14]
Sabia was a member of the Canadian Government's Advisory Council on Economic Growth, which advised the Canadian finance minister on economic policies to achieve long-termsustainable growth. In 2016, the council called for a gradual increase in permanentimmigration to Canada to 450,000 people a year.[15][16]
On November 12, 2019, it was announced that Sabia would be leaving CDPQ to become head of theMunk School of Global Affairs and Public Policy at theUniversity of Toronto, ending his term at CDPQ a year early.[17] He started the new role in February 2020.[5] Sabia was replaced as head of CDPQ by Charles Emond in January 2020.[18]
In April 2020, Sabia was appointed as Chairperson of theCanada Infrastructure Bank.[19] In June 2020, he was named to the board of directors of theMastercard Foundation.[20]
On December 6, 2020, it was announced that Sabia would replace Paul Rochon asDeputy Minister of the federalDepartment of Finance.[21] On January 27, 2021,Tamara Vrooman was appointed to succeed Sabia as Chairperson of the Canada Infrastructure Bank.[22]
On May 23, 2023 Sabia was named as the next CEO of Hydro-Québec, the province of Quebec's public electrical utility. Sabia replacesSophie Brochu in that role.[23]
| Preceded by | Chairperson of theCanada Infrastructure Bank April 2020 – January 2021 | Succeeded by |