Foresters Financial has announced that Louis Gagnon has stepped down from position as president and CEO due to personal reasons. René Zanin has been appointed interim president and CEO as the search for a new permanent leader commences.
Gagnon joined Forester in 2021 as chief operating officer and assumed the role of CEO in January 2022.
He led the organization through a pivotal transition period, which included the adoption of the new IFRS 17 accounting standard and the amalgamation of the Foresters Canadian business with Canada Protection Plan.
Throughout his tenure, Gagnon prioritized strong member and employee engagement. He also initiated significant strides in enhancing Forester’s DEI and ESG initiatives.
In a press release, Forester’s board of directors expressed gratitude to Gagnon for his invaluable contributions and extended their best wishes for his future endeavours.
Zanin steps into his new role after having been a key member of the executive team since rejoining Foresters in 2015. Prior to his appointment, Zanin was global chief legal and compliance officer, responsible for overseeing legal, compliance, special investigations, and consumer complaint functions across the enterprise.
He was also overseer of all corporate secretarial accountabilities connected with the board of directors, both at the parent and subsidiary level.
“Mr. Zanin and the executive team will focus on continued performance for Foresters Financial,” the company’s press release stated.
“They will support the organization in achieving its financial targets in the Canadian, American, and UK markets while ensuring that Foresters remains deeply committed to its purpose and mission.”
Commenting on Gagnon’s departure, DBRS Morningstar said its “A” with stable trends rating for Foresters is “unaffected” by the change in leadership.
“The company is expected to continue its efforts to achieve its financial targets and maintain its recently improved profitability metrics, so we do not expect any material deviation in strategy at this time,” the credit rating agency said.
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