Stephen A. Jarislowsky

Last updated
Stephen Jarislowsky
Born (1925-09-09) September 9, 1925 (age 97)
Berlin, Germany
Citizenship Canadian
Alma mater Cornell University [1]
University of Chicago [2]
Harvard Business School [3]
Occupation(s)Founder, Chairman & CEO of Jarislowsky Fraser Ltd.
SpouseMarried
Children4

Stephen A. Jarislowsky, CC GOQ (born September 9, 1925) is a Canadian business magnate, investor, and philanthropist. He is the founder, chairman and CEO of Jarislowsky Fraser Limited, a Canadian investment management firm with over Can$40 billion in assets under management. [4]

Contents

His personal wealth was estimated at $1.42 billion in December 2017, making him the 34th richest person in Canada. [5]

Biography

Jarislowsky was born in Berlin, Germany, the son of Kaethe (née Gassmann) and Alfred Jarislowsky. [6]

In 2007, Jarislowsky's firm, which owns 18 percent of the shares of Canfor, was embroiled in a bitter proxy fight with Vancouver-based tycoon Jim Pattison, who owns 25 percent of the company. Pattison won and ousted CEO Jim Shepherd over Canfor's poor performance and declining share price, replacing him for the interim with Jim Shepard. [7]

In several magazine and newspaper articles between 2002 and 2004, Jarislowsky predicted a deep economic recession, which began in 2008 in the United States and spread around the world. On December 16, 2008, in an interview on CBC's The Current , he opined that the current recession would last at least two to five years and may last much longer if corrective measures are not taken by governments and the general public. He further argued that inflation is the only solution in the circumstances to reducing the enormous debt loads held at all levels of society and that massive and immediate government spending is also needed to stimulate the economy. [8]

Personal life

He is married and has four children. Jarislowsky is a Companion of the Order of Canada and a Grand Officer (promoted from Knight) of the National Order of Quebec.

Criticism and advocacy

Business ethics

Apart from his personal business pursuits, he is a defender of business ethics (and a critic of ethical breaches). In 2002 he co-founded (with Claude Lamoureux) the Canadian Coalition for Good Governance to promote strong business ethics.

Quebec separatism

Jarislowsky is openly against Quebec nationalism. In a 1997 speech to the Westmount Municipal Association, Jarislowsky drew comparisons between Parizeau and Bouchard with the fascism of Franco's Spain and Hitler's Nazi Germany and told how, days after the 1995 referendum, he suggested the partition of Quebec and the transformation of Montreal into a City state. In his speech, he stated that his fellow citizens should oppose the PQ which he said, "feed on the same kind of quasi religious fervor on which all fascists feed (be it the Soviet Union, Nazi Germany of fascist Italy, etc.) A Parizeau, a Bouchard should never be underestimated and, despite lullabies, should never put one to sleep." [9]

Boards and charities

He was a Director of the C.D. Howe Institute and has also been active in numerous other corporations besides his own including SNC-Lavalin, Canfor, Southam, Swiss Bank, and Abitibi. He has participated in educational, cultural and charitable activities, and with his wife Gail, to date has endowed numerous eponymous university chairs in Canada. [10]

Publications

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References

  1. ↑ "Stephen Jarislowsky". Forbes.
  2. ↑ "Stephen Jarislowsky". Forbes.
  3. ↑ "Stephen Jarislowsky". Forbes.
  4. ↑ JFL Corporate history Archived 2009-04-09 at the Wayback Machine
  5. ↑ "Stephen Jarislowsky". Forbes.
  6. ↑ The Canadian Who's who. 1987. ISBN   9780802046390.
  7. ↑ Nathan VanderKlippe, "Jimmy Got Mad" Archived 2012-11-03 at the Wayback Machine , Financial Post Business, September 4, 2007
  8. ↑ CBC News http://www.cbc.ca/thecurrent/.{{cite news}}: Missing or empty |title= (help)
  9. ↑ Stephen Jarislowsky, Speech to Westmount Municipal Association Archived 2008-07-05 at the Wayback Machine , May 1997
  10. ↑ Rick Spence, "The City Builders: Three philanthropists with impact" Archived 2005-01-19 at the Wayback Machine , Corporate Knights, March 25, 2004
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