The province says the move comes "after years of AIMCo consistently failing to meet its mandated benchmark returns." For now, Finance Minister Nate Horner has been appointed the AIMCo board's sole director and chair.

Alberta Investment Management Corp.’s chief executive officer and entire board were sacked by the provincial government, which said the money manager has increased compensation and staff but hasn’t produced acceptable returns.

Longtime Alberta bureaucrat and top deputy minister Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions and investments at arm's-length from government.