The Ontario Teachers' Pension Plan has announced that Neil Petroff, Executive Vice President and Chief Investment Officer is retiring, effective June 1.

Petroff currently oversees the pension plan's investment program.

He is responsible for all aspects of Teachers' investment activities, as well as the pension fund's asset-mix and risk allocations, and its real estate portfolio managed by Teachers' subsidiary, Cadillac Fairview.

Petroff has been at OTPP since 1993.

He was named senior vice president in 2008 and became executive vice president and CIO in 2009.

Petroff said: "I have been lucky enough to hold the best job in Canada for the past six years. I've been working closely with our CEO Ron Mock and the investment team on the development of a new investment strategy over the past several months. This is the ideal time for my retirement, and for the next generation of investment professionals to move our new strategy forward."

Ron Mock, President and CEO of the Ontario Teachers' Pension Plan, said: "Neil's contribution to teachers' success cannot be overstated. Neil has worked in various areas of the Investment Division and taken on progressively senior level positions leading up to his current role as EVP and Chief Investment Officer. During his tenure, our strong and talented Investment Division team has grown our global presence substantially, and cemented our brand internationally."

With $154.5bn in net assets as at December 31, 2014, Teachers' is the largest single-profession pension plan in Canada.

An independent organization, it invests the pension fund's assets and administers the pensions of 311,000 active and retired Ontario teachers.

A search for a successor will include both internal and external candidates, the Plan said.