CPP Investments Taps KPMG Veteran Elio Luongo for Strategic Board Role

TORONTO, ON – May 06, 2026 – The Canada Pension Plan Investment Board (CPP Investments) today announced it has appointed Elio Luongo, the former Chief Executive Officer of KPMG in Canada, to its Board of Directors. The move adds a seasoned financial and advisory leader to the governance of the C$780.7 billion fund, which manages the retirement savings of over 22 million Canadians.

Mr. Luongo’s appointment is seen as a strategic enhancement of the board's expertise, particularly in navigating complex corporate transformations and identifying long-term growth opportunities in a volatile global economy. His extensive background in advisory services is expected to provide valuable oversight as the massive pension fund continues to build out its diversified global portfolio.

"We are pleased that Elio Luongo has joined the Board of Directors," said Dean Connor, Chairperson of CPP Investments, in a statement accompanying the announcement. "He brings extensive experience from advising Canadian and global organizations on growth, transformation and long-term value creation. That depth of expertise will add to the Board's ability to provide effective oversight and contribute to CPP Investments' ability to deliver long-term value in the interests of Canada Pension Plan contributors and beneficiaries."

A Career Forged in Transformation and Growth

Elio Luongo’s career spans more than three decades and is distinguished by his leadership through periods of significant change. He joined KPMG in 1987 and rose through the ranks, becoming a partner in 1994 and eventually serving as the firm's CEO and Senior Partner in Canada from 2016 to 2024.

During his eight-year tenure at the helm of KPMG Canada, Luongo steered the firm through substantial market, technological, and cultural shifts. Under his leadership, the firm's workforce expanded from 6,000 to 10,000 employees. He was a vocal champion for diversity and inclusion, notably appointing women to over 50% of his executive team positions and becoming a member of the 30% Club, which advocates for greater female representation in boardrooms and C-suites. His commitment to workplace well-being was also groundbreaking, as he oversaw the appointment of corporate Canada's first-ever Chief Mental Health Officer.

Perhaps most relevant to his new role at CPP Investments, Luongo's leadership at KPMG was characterized by a forward-looking embrace of technology. He directed millions into artificial intelligence initiatives, including the launch of an in-house AI chatbot named Kleo, which was reported to significantly boost staff productivity. He was also instrumental in the creation of the KPMG-SFU Digital Academy, a pioneering collaboration with Simon Fraser University focused on data analytics and AI education, signaling a deep understanding of the digital forces reshaping modern business.

Broadening Oversight with Diverse Board Experience

Beyond his transformative impact at KPMG, Mr. Luongo brings a wealth of governance experience from his service on several of Canada's most prominent corporate and community boards. Since April 2025, he has served as a director for the Toronto-Dominion Bank, where he is a member of both the Audit Committee and the Risk Committee, and is designated as an Audit Committee Financial Expert. This role provides him with a front-line view of the challenges in global banking, risk management, and regulatory compliance.

His directorships also extend to Tolko Industries, a major privately owned Canadian forest products company, and Unity Health Toronto, where he contributes to healthcare innovation. Furthermore, his position as Chair of the Canadian Centre for Audit Quality since 2022 places him at the center of discussions around financial integrity and governance standards in Canada.

His connection to academia is also being solidified. A proud graduate of Simon Fraser University, Luongo was recently appointed as the university's 13th Chancellor, a role he will assume later this year. His long history of service to SFU, combined with his professional accolades—including a King Charles III Coronation Medal and the 2026 Lifetime Achievement Award from the Chartered Professional Accountants of British Columbia—paints a picture of a leader deeply embedded in the fabric of Canadian business and public life.

Aligning with the Future of Global Pension Management

Luongo's appointment comes at a time when large institutional investors like CPP Investments face a confluence of challenges, from geopolitical instability and market volatility to the disruptive power of technology and the growing importance of environmental, social, and governance (ESG) factors. The skillset of board members is more critical than ever, and his profile aligns directly with these contemporary demands.

His hands-on experience in driving digital transformation at KPMG positions him to offer critical insights as the pension fund navigates the opportunities and risks presented by artificial intelligence, data analytics, and other emerging technologies. This expertise is vital not only for the fund’s internal operations but also for evaluating potential investments and understanding how technology is reshaping entire industries within its portfolio.

Furthermore, his background in leading a major advisory firm provides an intimate understanding of corporate restructuring, private equity transactions, and the mechanics of value creation across a wide range of sectors. This perspective will be invaluable for the board's oversight of CPP Investments' extensive private market holdings, which include private equity, real estate, and infrastructure. His proven commitment to diversity and inclusion also aligns with the growing recognition that strong ESG performance, including robust social and governance practices, is a key driver of sustainable long-term returns.