Longtime Alberta bureaucrat 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.

The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

Alberta’s government named a long-serving bureaucrat as interim chief executive officer of the province’s pension fund manager following Thursday’s shock firing of the entire board.