Quebec-based pension fund La Caisse welcomed DP World's decision to part ways with chairman and chief executive Sultan Ahmed Bin Sulayem after revelations about his ties to Jeffrey Epstein, reported New York's Journal of Commerce.

La Caisse, which manages C$496 billion (US$ 364 billion) in assets, had earlier suspended future investments with DP World until the company addressed Sulayem's relationship with Epstein. The fund said it supported the move and looked forward to working with new leadership on port projects worldwide.

DP World is developing the Contrecoeur terminal in Quebec, a project that could attract La Caisse investment. The fund said the company "took the appropriate measures" and pledged to move quickly to continue the partnership.

Dubai-based DP World announced that CFO Yuvraj Narayan will assume the role of chief executive, while Essa Kazim, governor of the International Financial Center and chairman of the stock exchange, will become chairman.

Officially, DP World said Sulayem resigned. He had served as chairman and CEO since 2016.