Pierre Lavallée is leaving to “pursue other opportunities,” the Crown corporation announced in a Friday afternoon news release. Annie Ropar, chief financial and administrative officer, will take interim charge. Sabia, the former CEO of the Caisse de dépôt et placement du Québec, will replace ex-RBC CFO Janice Fukakusa as board chair on April 15. (The Logic)

Talking point: Lavallée is the third of the CIB’s three top executives to leave in short order. Nicholas Hann, head of investments, and François Lecavalier, head of project development, departed in July and December 2019, respectively; neither had been in the role for much more than a year. In January, the Crown corporation said it was adopting a new corporate structure to better integrate its investments and advisory services, under new chief investment officer John Casola. Over his two years in the job, former pension fund executive Lavallée staunchly defended the pace and project mix of the bank’s cheque-writing. But senior officials in the federal infrastructure department reportedly didn’t share his outlook that things were moving quickly. New chair Sabia will be familiar with the bank’s operations—its first deal was a $1.28-billion loan for a Caisse-controlled light rail line project in Montreal.