MONTREAL, Oct. 9, 2013 /CNW Telbec/ - Power Corporation of Canada (TSX: POW) announces that The Honourable Paul Desmarais, the Chairman of the Executive Committee of the Corporation, and its controlling shareholder, died last night at the age of 86.
Mr. Desmarais acquired control of Power Corporation in 1968. Known for his vision, leadership and his innate sense of entrepreneurship and for his profound attachment to his country, Mr. Desmarais contributed greatly to turning Power Corporation into an international management and holding company with interests across North America, Europe and Asia.
Mr. Desmarais led Power Corporation as its Chairman and its Chief Executive Officer from 1968 to 1996. At that time, he passed the reins of management of Power Corporation to his sons. Paul Jr. became Chairman and Co-Chief Executive Officer and André became Deputy Chairman, President and Co-Chief Executive Officer. Mr. Desmarais continued to serve as a Director and Chairman of the Executive Committee of the Board. He remained controlling shareholder until his death.
In addition to his significant contribution to Power and to Canadian business, Mr. Desmarais was a leader in giving back to the community through his many philanthropic initiatives both through the Corporation and personally.
The Board of Directors of Power Corporation expresses its deepest sympathy to the Desmarais family for their loss.
A private family funeral is to be held in the coming days, to be followed by a memorial service at a date to be announced by the Desmarais family.
ABOUT POWER CORPORATION
Power Corporation of Canada is a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors in North America, Europe and Asia.
Power Corporation had total consolidated assets and assets under management of $527 billion as of December 31, 2012. Power and its subsidiaries employ over 30,000 people in North America. Power's financial services subsidiaries, controlled by Power Financial Corporation, (Great-West Lifeco and its subsidiaries Great-West Life, Canada Life and London Life, and IGM Financial and its subsidiaries Investors Group and Mackenzie Financial) are leading companies in Canada in their respective sectors and serve the financial needs of more than 12 million people.
To learn more, visit www.powercorporation.com.
SOURCE: Power Corporation of Canada
For further information:
Mr. Stéphane Lemay
Vice-President, General Counsel and Secretary