In an unexpected turn of events, Dame Sharon White, who recently stepped down as the chair of British retail stalwart John Lewis Partnership, is embarking on a new chapter in her illustrious career. According to inside sources, White has been tapped to head the European operations of Caisse de dépôt et placement du Québec (CDPQ), a massive Canadian public pension fund manager.
White, who made history as the first woman to chair the employee-owned John Lewis Partnership, will assume the title of managing director and head of Europe at CDPQ starting in January 2025. This move comes on the heels of her surprisingly brief tenure at John Lewis, where she navigated the iconic British retailer through a tumultuous period marked by pandemic-induced challenges and a controversial push to explore outside investment.
A Formidable Track Record
Before her stint at John Lewis, White built an impressive resume in both the public and private sectors:
- Chief executive of UK media regulator Ofcom from 2014-2019
- 25 years in government roles, including the Treasury, 10 Downing Street, and overseas postings
- Stints at the World Bank and British Embassy in Washington DC
- Trained economist with experience shaping policy and regulation
White’s wealth of experience across business, economics, and government made her a sought-after leader for the top job at CDPQ’s European arm. According to an internal memo from CDPQ’s head of global operations, White’s “expertise and collaborative approach” are expected to bolster the fund’s ambitious growth plans in the UK and across Europe.
CDPQ’s European Ambitions
The Canadian pension behemoth, which boasts net assets exceeding C$450 billion (US$340 billion), has been steadily expanding its footprint in Europe. The UK, in particular, has emerged as a focal point, with CDPQ’s British investments totaling a staggering C$34 billion (US$26 billion) at the end of 2023.
Some of CDPQ’s notable European holdings include:
- Stakes in Eurostar and Heathrow Airport
- Ownership of UK power generator First Hydro Co
- Investments spanning real estate, infrastructure, and private equity
White’s appointment signals CDPQ’s intent to further solidify its presence in the region, leveraging her deep understanding of the UK and European business landscapes to identify new opportunities and navigate regulatory complexities.
Challenges and Opportunities Ahead
As White takes the reins of CDPQ’s European division, she faces a mix of challenges and opportunities. The fallout from Brexit continues to reshape the business environment, while the specter of inflation and economic uncertainty looms large. However, White’s track record of steering organizations through choppy waters positions her well to navigate these headwinds.
On the opportunity front, CDPQ’s long-term investment horizon aligns well with Europe’s pressing need for infrastructure modernization and sustainable development. White’s experience in both the public and private realms could prove invaluable in forging partnerships with governments and key stakeholders to unlock value.
Dame Sharon White’s move to CDPQ represents a huge coup for the Canadian pension fund as it seeks to strengthen its European presence. Her unique blend of business acumen, regulatory expertise, and public sector experience make her ideally suited to lead CDPQ’s European arm into its next chapter of growth.
– An anonymous industry insider
As White embarks on this new chapter, all eyes will be on how she leverages her formidable skills and experience to steer CDPQ’s European operations. With the backing of one of Canada’s most influential investors and a playing field ripe with possibility, Sharon White is poised to make her mark on the global business stage once again.
