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
Mr. Stéphane Lemay
Vice-President, General Counsel and Secretary
514-286-7400