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

Power Corp. says brothers Andre and Paul Desmarais Jr. will retire from their long-serving roles as co-CEOs of a government and holding company.

The Montreal-based association says a two, who have hold a positions given 1996, will continue to play an active purpose in a governance of a association and say their positions as emissary authority and authority of a board.

Power Corp. says a house will designate R. Jeffrey Orr, stream boss and arch executive of Power Financial Corp., as boss and CEO of Power Corp.

The organisation has also announced a vital reorder and simplification of a corporate structure by expelling a dual-holding association structure to move Power Financial Corp. into a overlay of Power Corp.

Power Financial shareholders will be released 1.05 Power Corp. shares and one cent for any of their shares.

The association says that along with a simplified structure, it skeleton to exercise a poignant near-term handling cost rebate plan, reduced financing costs, and a division increase.

Article source: https://www.cbc.ca/news/business/desmarais-brothers-retire-power-corp-co-ceos-as-company-1.5395162?cmp=rss