Deals
Billionaire Desmarais Brothers Retire in Power Corp. Revamp
- Orr to become CEO in combined financial services company
- Desmarais family to retain control of Great-West, IGM owner
Paul Desmarais Jr. and Andre Desmarais speak after the Power Corp. of Canada annual general meeting in Toronto on May 14, 2019.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Billionaires Andre Desmarais and Paul Desmarais Jr. are stepping down as co-chief executive officers of Power Corp. of Canada, part of a reorganization that sent shares of one of the country’s largest financial services firms surging.
The Desmarais brothers, sons of the family who built up the Montreal-based company, will stay on as chairman and deputy chairman. Jeffrey Orr, current CEO of the Power Financial Corp. unit, takes the top job at a new entity combining the two main units of the insurance and asset management company.