Mawer Taps Veteran Eric Wetlaufer as Interim CEO Amid Geddes’s Leave

CALGARY, Alberta – February 23, 2026 – Mawer Investment Management Ltd. has appointed seasoned investment executive Eric Wetlaufer as its interim chief executive officer, a move designed to ensure leadership continuity as CEO Bruce Geddes takes a leave of absence for personal reasons. The appointment is effective immediately.

The transition places a well-known industry figure at the helm of the Calgary-based independent investment firm, which was founded in 1974. Wetlaufer, who has served as an advisory director on Mawer’s board since June 2025, steps into the role with deep familiarity of the firm’s strategy and culture, a key factor highlighted by the company’s leadership.

A Steady Hand with a Global Track Record

Eric Wetlaufer brings over four decades of experience in global public markets, having held senior leadership positions at some of the world’s most influential investment organizations. His extensive resume is expected to provide significant reassurance to Mawer’s institutional and individual clients during this interim period.

Prior to joining Mawer’s advisory board, Wetlaufer was the Senior Managing Director & Global Head of Public Market Investments at the Canada Pension Plan Investment Board (CPPIB). During his tenure, he was responsible for a portfolio exceeding CAD$200 billion in publicly traded assets. Under his leadership, the Public Markets Department reportedly generated over $6 billion in "value add," a testament to his strategic oversight and investment acumen.

His global experience also includes a role as Group Chief Investment Officer, International, at Fidelity Management & Research, where he oversaw $100 billion in international assets and managed a global team of portfolio managers and analysts. Before that, he served as Chief Investment Officer at Putnam Investments, leading U.S. Mid Cap and Specialty Growth Equities Groups with over $50 billion in assets under management.

Wetlaufer’s commitment to the investment industry is further underscored by his professional designations (CFA, ICD.D) and extensive board service. He currently serves on the boards of the Investment Management Corporation of Ontario (IMCO) and Enterra Solutions, LLC, and previously sat on the boards of TMX Group Ltd. and the UN-supported Principles for Responsible Investment (PRI). This deep background in both investment management and corporate governance positions him as an exceptionally qualified leader to guide Mawer.

“While we look forward to having Bruce return to his CEO role in due course, we believe Eric is exceptionally well suited to guide the firm through this interim period,” said Craig Senyk, Chair of Mawer’s Board of Directors, in a statement. “His extensive experience, deep investment expertise, and familiarity with Mawer’s strategy and values will help ensure continuity for our clients, employees, and other stakeholders.”

Navigating an Unexpected Leadership Transition

The appointment comes just under eight months after Bruce Geddes assumed the CEO role on July 2, 2025. Geddes, who brought over 30 years of experience from firms like RBC Global Asset Management and TD Asset Management, was selected to continue the firm's strategic vision. His appointment followed a transitional period where Mawer veteran and former CEO Jim Hall returned to the chief executive role specifically to oversee the search for a long-term successor.

Geddes's relatively short time in the top job means the firm is once again navigating a leadership change. However, the board's swift action to install an interim leader with Wetlaufer's credentials and pre-existing relationship with the firm demonstrates a proactive approach to governance and stability. By tapping an advisory director, Mawer avoided the potential disruption of an external search, opting instead for a leader already aligned with its long-term goals. While serving as interim CEO, Wetlaufer will step away from his advisory director position, with the intention of returning to it after the appointment concludes.

Upholding a "Boring" Philosophy in Volatile Markets

At the core of Mawer’s identity is its disciplined investment philosophy, famously summarized as "Be Boring. Make Money.™" The firm prides itself on a long-term, bottom-up approach that ignores market fads and focuses on purchasing high-quality, wealth-creating companies at a discount to their intrinsic value. Wetlaufer's primary mandate will be to steward this philosophy and ensure its consistent application across all strategies.

This disciplined approach has been tested in recent market cycles. In the third quarter of 2025, the firm noted that its portfolios struggled to keep pace with benchmarks driven by narrow, thematic leadership, a market environment that often does not favor Mawer’s focus on diversification and downside risk management. More recently, in the fourth quarter of 2025, the firm’s long-standing underweight to gold stocks resulted in underperformance relative to a Canadian market buoyed by the precious metal.

Despite these short-term headwinds, the firm has remained steadfast. Recent portfolio adjustments included a slight reduction in equity exposure due to valuation concerns and a modest shift within Canadian equities from small-cap to large-cap names. These moves reflect an active but principled management style that Wetlaufer, with his extensive background in public market investing, is well-equipped to oversee. His role will be less about charting a new course and more about ensuring the ship stays true to its long-established heading through potentially choppy waters. The firm's emphasis on a single, unified investment process across all its funds is designed to provide exactly the kind of resilience needed during a leadership transition.

The board’s choice of an interim leader who is already steeped in the principles of institutional investment management and corporate governance signals a clear message to stakeholders: Mawer's commitment to its core strategy is unwavering. The focus remains on executing its time-tested investment process to deliver long-term results for clients, regardless of who occupies the corner office. Wetlaufer's stewardship is intended to be a bridge, ensuring that the firm's operational and philosophical foundations remain solid until Geddes's return.