Desmarais brothers to retire as Power Corp. co-CEOs as company restructures

15 Décembre, 2019, 18:58 | Auteur: Auguste Feret
  • Power Corporation Chairman and Co Chief Executive Officer Paul Desmarais left and Deputy Chairman President and Co-CEO André Desmarais arrive for the company's annual general meeting in Montreal

PCC co-chief executive officers, Paul Desmarais and André Desmarais, will step down from the roles after 23 years, the companies said, with PFC CEO Jeffrey Orr taking charge.

The Desmarais brothers, sons of the founding family that runs the Montreal-based firm, will stay on as chairman and deputy chairman.

Upon completion of the reorganization, Power Corp. - which now has more than $1.5-trillion in assets - will own all of the Power Financial common shares. Pansolo Holding promises to buy between five million and six million regarding the about 30 million participating preferred stocks of Power Corporation of Canada that it's entitled to buy, which can be more or less 50.2% had by 50.6per cent of this pro forma voting liberties, in the conclusion regarding the reorganization.

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As part of the reorganization, Power Financial shareholders will receive 1.05 Power Corp. subordinate voting shares and some cash for each share they own.

By combing the two companies, Power Corp. says it will simplify its corporate structure, eliminating the dual-holding company format, reducing costs and increasing its focus on financial services.

Minority investors of Power Financial will get stocks of Power Corporation with a web asset worth of $ 4.50 greater than the web asset worth of each Power Financial typical share.

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