Paul Desmarais Jr. | |
---|---|
Born | |
Education | Lakefield College School |
Alma mater | McGill University University of Ottawa INSEAD |
Known for | Chairman of Power Corporation of Canada |
Spouse | Hélène Desmarais |
Children | Paul Desmarais III |
Parent(s) | Paul Desmarais Sr. Jacqueline Maranger |
Relatives | André Desmarais (brother) |
Paul Desmarais Jr. OC OQ is a Canadian businessman and philanthropist. He has been the chairman and co-CEO of Power Corporation of Canada since 1996.
Paul Desmarais Jr. was born in Sudbury, Ontario. He was raised Roman Catholic. [1] He is the eldest son of billionaire Paul Desmarais Sr. and Jacqueline Desmarais.[ citation needed ]
He was educated at Lakefield College School in Lakefield, Ontario and later attended McGill University. Afterwards, he earned a Master of Business Administration degree at INSEAD.[ citation needed ]
Desmarais began his career with S.G. Warburg & Co. in London, England, and with Standard Brands Incorporated in New York. He then joined Power Corporation of Canada in 1981 and assumed the position of Vice-President the following year. In 1984, he led the creation of Power Financial Corporation, where he served as Vice-President from 1984 to 1986, as President and Chief Operating Officer from 1986 to 1989, as Executive Vice Chairman from 1989 to 1990, as Executive Chairman from 1990 to 2005, as Chairman of the Executive Committee from 2006 to 2008, as Executive Co-Chairman from 2008 to 2020, and as Chairman since 2020. [2]
He also served as vice-chairman of Power Corporation from 1991 to 1996. He was named chairman and co-CEO of Power Corporation in 1996. [3] [4] On February 13, 2020, Desmarais retired from the functions of co-CEO and as of 2021 [update] continued to play an active role in the governance of Power Corporation as chairman of its board of directors. [5] [6]
In August 2016, The Wall Street Journal stated that Desmarais and his brother André were "readying their 34-year-old sons (Paul Desmarais III and Olivier Desmarais) to take over Power Corp". [7]
In April 2020, Paul and André Desmarais received more than $2.8 million each for stepping down as co-chief executive officers. [8]
This section of a biography of a living person needs additional citations for verification .(December 2023) |
He was vice-chairman of the board and a director of Imerys (France) from 1998 until 2008; a director of GDF Suez (France) from 2008 until 2014; and a director of Total until 2017.[ citation needed ]
He is chairman of the board of governors of the International Economic Forum of the Americas (Canada), which holds four annual conferences, including the Conference of Montreal, [9] as well as member of The Business Council of Canada and The Business Council (United States). [10] Desmarais is[ when? ] also a trustee of the Brookings Institution, co-chair of the Brookings International Advisory Council and a member of the Brookings Executive Committee. He is a member of the Global Board of Advisors of the Council on Foreign Relations (United States).[ citation needed ]
He is a member of the Global Advisory Council of Harvard. [2]
Desmarais is involved with Centraide of Greater Montréal; he founded the Major Donors Circle in 1997 and had been its Honorary Chairman for many years, until 2017. [11] He received the 2018 Michèle Thibodeau-DeGuire Award and became the first Governor Emeritus for his contribution and support in the fight against poverty and social exclusion. [12] He is also one of the honorary chairs of the "Healing More Better" campaign of the CHU Sainte-Justine Foundation. [13]
In 2014 Desmarais participated in a ski expedition to the North Magnetic Pole, organized by True Patriot Love, Canada's largest charity supporting military families. The goal of the expedition was to raise awareness of the physical and mental injuries that continue to impact Canadian soldiers. [14]
Desmarais was co-chair of "A Force of Nature", a national campaign of Nature Conservancy Canada from April 1, 2007 to December 31, 2012. The national campaign raised more than $500 million and protected 752,000 acres (300,000 hectares) of at-risk natural habitat across Canada, home to more than 145 species at risk. [15]
Desmarais is married to Hélène Desmarais, chairman of the board and CEO of the Centre d'entreprises et d'innovation de Montréal (CEIM). [16]
Paul Desmarais Sr. was a Canadian financier and philanthropist, based in Montreal. With an estimated family net worth of US$4.5 billion, Desmarais was ranked by Forbes as the fourth wealthiest person in Canada and 235th in the world in 2013. He was chairman and chief executive officer of Power Corporation of Canada until 1996 when he passed the reins of management of Power Corporation to his sons, Paul Jr. and André. He then continued to serve as a director and as chairman of the executive committee of the board, and remained the controlling shareholder. Power Corporation of Canada is a diversified international management and holding company with interests in companies in the financial services, asset management, sustainable and renewable energy, and other business sectors.
Charles Bronfman, is a Canadian-American businessman and philanthropist and is a member of the Canadian Jewish Bronfman family. With an estimated net worth of $2.5 billion in 2023, Bronfman was ranked by Forbes as the 1,217th wealthiest person in the world.
Power Corporation of Canada is a management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are insurance, retirement, wealth management and investment management, including a portfolio of alternative investment platforms.
France Chrétien Desmarais, is a Canadian lawyer and businesswoman. She is the daughter of Jean Chrétien, 20th Prime Minister of Canada.
André Desmarais is a Canadian businessman and philanthropist.
Power Financial Corporation is a Canadian multinational company that was founded in 1984. Power Financial, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe.
Dan Sergiu Hanganu, was a Romanian-born Canadian architect. Based in Montreal, Quebec, he designed a number of prominent Quebec buildings, including the new wing of the Pointe-à-Callière Museum, the HEC Montréal building, the concert Hall of Rimouski, the UQAM design school and several other mixed-use, commercial, residential and cultural buildings in Montreal, Europe and Asia. Hanganu was the recipient of an impressive list of awards and publications, including; the Order of Canada, the Governor General's award and was also awarded the RAIC gold medal in 2008 for lifetime achievement.
Louis R. Chênevert is a Canadian businessman. He served as the Chairman and Chief Executive Officer of United Technologies Corporation and was also President of Pratt & Whitney.
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Călin Rovinescu, served as the president and chief executive officer of Air Canada from April 2009 to February 2021.
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The Conference of Montreal is an annual economic event organized by the International Economic Forum of the Americas (IEFA) since 1995.
Reginald K. Groome O.C., a native Montrealer, was known for his contributions to: the hotel and hospitality industries, the Scouting movement, and community service. At the time of his passing, he was chairman of the Board of Governors of Concordia University, Governor and Director of the Montreal General Hospital Center and Foundation, Director of the World Scout Foundation, Chairman of the World Scout Foundation in Canada, and Chairman of Scouts Canada Trust, chairman of the Board of Groome Capital.Com and a Director of the Voyageur Insurance Company.
Michèle Thibodeau-DeGuire is a Canadian engineer born in Montreal, Quebec in 1941. The first woman to earn a degree in civil engineering, she was inducted into the Order of Canada in 2003, and made a Knight of the National Order of Quebec in 2005. She has been chair of the Board of Directors of the Corporation of École Polytechnique de Montréal since 2013.
Paul Desmarais III is a Canadian businessperson and philanthropist.
Olivier Desmarais is a Canadian businessman and philanthropist. Desmarais is chairman and CEO of Power Sustainable Capital, a global alternative asset manager. He is also Senior Vice-President of Power Corporation of Canada and Power Financial since 2017.
R. Jeffrey Orr is a Canadian businessman and is the president and chief executive of Power Corporation of Canada.
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Monique Forget Leroux CC OQ is a Canadian businesswoman. From 2008 to 2016, she was chair of the board and chief executive officer of Desjardins Group.