CRO represents first step in operational and governance review

May 21, 20201 – As part of the next step in the Companies’ Creditors Arrangement Act (CCAA) process, an affidavit was filed today by Dr. Robert Haché, President and Vice-Chancellor of Laurentian University, which requests the appointment by the Court of a Chief Redevelopment Officer (CRO). A link to the motion record filed by Laurentian is available here. The CRO would be an independent party appointed by the Court on a temporary basis for a number of months to assist Laurentian in its restructuring efforts, and to oversee a governance review that was a term of the agreement entered into by Laurentian University and the Laurentian University Faculty Association in the CCAA process. Mr. Lou Pagnutti, a highly respected executive with extensive experience in managing and overseeing business functions in a complex operational environment, is being proposed for the role.

“We view the appointment of the CRO as an important step in the review and implementation of best practices for Laurentian’s internal governance and policies. The CRO will be able to lend independent expertise to expedite and assist the operational restructuring, as well as being part of the governance review that we have committed to undertake” said President and Vice-Chancellor, Dr. Robert Haché.

It is contemplated that the CRO will participate in discussions with numerous stakeholders, including labour partners, representatives of the Indigenous and Francophone communities, the Provincial and Federal governments and various ministries thereof, lenders, the City of Sudbury and the broader community, donors, alumni and research granting agencies, amongst others.

“We are moving forward with plans for the short-term and long-term success of the University. The appointment of Mr. Lou Pagnutti in this independent role is one important step in that process” added Dr. Haché.

The proposed CRO is from Sudbury and is an alumnus of Laurentian University having graduated with an Honours Bachelor of Commerce degree in 1981. Mr. Pagnutti spent most of his career with Ernst & Young, including as a member of EY’s Global Executive Board overseeing all business functions across the globe.