Governance
Senior Management
Paul Desmarais, Jr. , O.C., O.Q.
Chairman and Co-Chief Executive Officer
Mr. Desmarais is Chairman and Co-Chief Executive Officer of Power Corporation and Co-Chairman of Power Financial. Prior to joining Power Corporation in 1981, he was with S.G. Warburg & Co. in London, England, and with Standard Brands Incorporated in New York.
He is a director of numerous Power group companies in North America, including Power Financial, Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, Canada Life Financial, Canada Life, Crown Life, Putnam Investments, IGM Financial, Investors Group, and Mackenzie Financial. He is also Vice-Chairman of the Board and Executive Director of Pargesa, and a director of Groupe Bruxelles Lambert, GDF Suez, Total, and Lafarge.
Mr. Desmarais is a member of the International Council and a director of the European Institute of Business Administration (INSEAD), Chairman of the Board of Governors of the International Economic Forum of the Americas, and a trustee and Co-Chair of the International Advisory Council of the Brookings Institution in Washington. He is the founder and a member of the International Advisory Board of the McGill University Faculty of Management in Montréal and the founder and a member of the International Advisory Committee of École des hautes études commerciales (HEC) in Montréal.
Mr. Desmarais is also involved in various charitable and community activities in Montréal. He obtained a Bachelor of Commerce from McGill University and an MBA from INSEAD, and he received honorary doctorates from Université Laval and the Université de Montréal. In 2005, he was named an Officer of the Order of Canada and, in 2009, an Officer of the National Order of Québec.
André Desmarais , O.C., O.Q.
Deputy Chairman, President and Co-Chief Executive Officer
Mr. Desmarais is Deputy Chairman, President, and Co-Chief Executive Officer of Power Corporation, and Co-Chairman of Power Financial. Prior to joining Power Corporation in 1983, he was Special Assistant to the Minister of Justice of Canada and an institutional investment counsellor at Richardson Greenshields Securities Ltd.
He is a director of many Power group companies in North America, including Power Financial, Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, Canada Life Financial, Canada Life, Crown Life, Putnam Investments, IGM Financial, Investors Group, and Mackenzie Financial. He is also a director of Pargesa in Europe, and of CITIC Pacific Ltd. in Asia, in which Power Corporation holds a minority interest.
Over the years, cultural, health, and other not-for-profit organizations in Montréal have benefitted from his contributions, involvement, and dedication. He has played key roles in a number of fundraising campaigns, including those of the Montreal Museum of Fine Arts, the Montreal Heart Institute, Leucan, the Canadian Red Cross, the Canadian Cancer Society (The Daffodil Ball), and Centraide of Greater Montreal. He is a director of the Fondation Baxter & Alma Ricard, a member of the Chairman’s International Advisory Council of the Americas Society, Honorary Chairman of the Canada China Business Council, and a member of several China-based organizations.
He holds a Bachelor of Commerce from Concordia University and received honorary doctorates from Concordia University and Université de Montréal. In 2003, he was made an Officer of the Order of Canada and, in 2009, an Officer of the National Order of Québec.
Henri-Paul Rousseau , Ph.D.
Vice-Chairman
Mr. Rousseau has been a Vice-Chairman of Power Corporation and of Power Financial since 2009. He is also a director of several Power group companies, including Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, Canada Life Financial, Canada Life, Crown Life, IGM Financial, Investors Group, Mackenzie Financial, and Putnam Investments. He is a member of the board of directors of the Global Financial Markets Association.
Previously, he held the position of President and Chief Executive Officer of the Caisse de dépôt et placement du Québec. Prior to that, he was President and Chief Executive Officer of the Laurentian Bank of Canada, and served as Vice-Chairman and President and Chief Executive Officer of Boréal Assurances Inc., as well as Senior Vice-President of the National Bank of Canada.
Mr. Rousseau obtained a Ph.D. in Economics from the University of Western Ontario in 1973. In recognition for his contributions as an economist, accomplished manager, and involved citizen, he was awarded honorary doctorates from Concordia University, Université Lumière Lyon 2, Université Laval, and Université de Sherbrooke. In 2006, he was named a “Great Montrealer” by the Board of Trade of Metropolitain Montreal’s Academy of Great Montrealers. He was a professor of Economics at both Université Laval and Université du Québec à Montréal. He is Chairman of the Montreal Heart Institute Foundation and is active in a number of community and not-for-profit organizations in the sectors of health and education.
John A. Rae , C.M.
Executive Vice-President, Office of the Chairman of the Executive Committee
Mr. Rae has been Executive Vice-President, Office of the Chairman of the Executive Committee of Power Corporation since 1996. Previously, he served as Executive Vice-President, Office of the Chairman of Power Corporation from 1991, and as Vice-President from 1978. He joined Power Corporation in 1971 as Executive Assistant to the President and Chief Executive Officer. He also holds directorships of Fednav Limited, BNP Paribas (Canada), McGill University Health Centre Foundation, and the Montreal Heart Institute Foundation.
From 1967 to 1971, he served as Executive Assistant to the Right Honourable Jean Chrétien, who entered the Cabinet in 1967, becoming Minister of Indian Affairs and Northern Development in 1968. Mr. Rae was National Campaign Chairman for Jean Chrétien’s 1984 and 1990 leadership campaigns, and Coordinator of the National Campaign of the Liberal Party of Canada for the 1993, 1997, and 2000 elections.
Mr. Rae’s community involvement includes serving as Chair of the McGill University Health Centre’s (MUHC) Best Care for Life Campaign. He is also Chair Emeritus of the Board of Trustees of Queen’s University.
Mr. Rae graduated with an Bachelor of Arts (Honours) in Political Studies and Economics from Queen’s University in 1967. He was named to the Order of Canada in 2006. He was awarded a Doctor of Laws, honoris causa degree from McGill University in 2011.
Edward Johnson
Senior Vice-President, General Counsel and Secretary
Mr. Johnson joined Power Corporation in 1985 and today serves as Senior Vice-President, General Counsel, and Secretary of Power Financial and Power Corporation.
He began his career as a financial analyst and securities representative at Bell, Gouinlock and Company, a Toronto investment firm. Following his studies in law, he was appointed Special Assistant to the Minister of Justice and Attorney General of Canada, a position he held until 1978, when he assumed similar responsibilities in the Office of the Minister of Finance. In 1979, he joined the Department of Justice Canada as Tax Litigation Counsel, and in 1980, he was appointed Executive Assistant to Prime Minister Pierre Elliott Trudeau, a position he held until 1984. Upon leaving the Prime Minister’s Office, Mr. Johnson joined the law firm of Lang, Michener, Cranston, Farquharson and Wright in Toronto.
Mr. Johnson is a director and the former Chairman of the Board of the National Theatre School of Canada, a director of the Atlantic Salmon Federation, a Fellow of the Royal Canadian Geographical Society, and a Founding Member of the Pierre Elliott Trudeau Foundation.
Mr. Johnson holds a Bachelor of Laws degree from Queen’s University and an Honours Bachelor of Arts (HBA) degree in Business Administration from the Richard Ivey School at the University of Western Ontario. He also holds a Certificat d’études politiques from the Institut d’Études Politiques de Paris. In 1978, he was admitted to the Bar by the Law Society of Upper Canada.
Philip K. Ryan
Executive Vice-President and Chief Financial Officer
Mr. Ryan was appointed Executive Vice-President and Chief Financial Officer of Power Corporation and Power Financial in January 2008. He is a director of IGM Financial, Great-West Lifeco, and several of their subsidiaries, including Putnam Investments, and PanAgora Asset Management.
From 1985 until 2008, Mr. Ryan held various positions with Credit Suisse, a global financial services company headquartered in Switzerland, including Chairman of the Financial Institutions Group (UK), Chief Financial Officer of Credit Suisse Group (Switzerland), Chief Financial Officer of Credit Suisse Asset Management (UK), and Managing Director of CSFB Financial Institutions Division (USA/UK).
Mr. Ryan obtained an MBA from the Indiana University Kelley School of Graduate Business and a Bachelor of Industrial Engineering from the University of Illinois.
Arnaud Vial
Senior Vice-President
Mr. Vial joined the Power group of companies in 1997 and currently serves as Senior Vice-President of Power Corporation and of Power Financial. He is involved in various investments in North America, Europe and Asia.
Mr. Vial began his career in 1977 with Banque Paribas (Paris). He joined the Pargesa group in 1988, starting at Parfinance S.A. in Paris and then with Pargesa Holding in 1993.
Mr. Vial graduated from the École supérieure d’Électricité in Paris. He serves on the Board of Directors of several companies, including Pargesa Holding, Groupe Bruxelles Lambert, Sagard Capital Management and DuProprio Inc. He is a director and treasurer of One Drop France.
Daniel Friedberg
Vice-President
Mr. Friedberg joined Power Corporation in 2005. He is currently the Managing Partner of Sagard Capital, a U.S.-based subsidiary of Power Corporation that invests in small and mid-sized public and private companies focused on long-term growth.
Previously, Mr. Friedberg was a partner at Bain & Company, a leading global strategy consulting firm, where he led the firm’s New York and Canadian private equity businesses. He joined Bain’s London office in 1987, and subsequently helped found the company’s Toronto and New York offices in 1989 and 2000, respectively.
Mr. Friedberg has also worked alongside management teams across industries, including manufacturing, professional services, travel and leisure, healthcare, and distribution. He has experience in private equity with a middle market private equity fund, and in corporate strategy and acquisitions with a large U.S.-based multi-billion dollar global conglomerate.
Mr. Friedberg holds an MBA from the Johnson Graduate School of Management at Cornell University and a Bachelor of Science (Honours) degree from the University of Manchester Institute of Science and Technology.
He is on the board of U.S. listed public companies X-Rite Incorporated (XRIT) and GP Strategies Corporation (GPX) and is on the executive board of GRS, a Connecticut-based non-profit organization.
Peter Kruyt
Vice-President
Mr. Kruyt has been Vice-President of Power Corporation since 1996, and President and Chief Executive Officer of Victoria Square Ventures since 2008. He is Chairman of Power Pacific Corporation Limited, a Power Corporation subsidiary. He also serves as a director of La Presse ltée and of Picchio Pharma Inc., as well as an alternate director on the board of CITIC Pacific Ltd. in Asia. He joined Power Corporation in 1980 as Executive Assistant to the Chairman and Chief Executive Officer, Mr. Paul G. Desmarais. In 1987, Mr. Kruyt became President and Chief Executive Officer of Power Broadcasting, which later changed its name to Power Technology Investment Corporation.
Mr. Kruyt has been Chairman of the Canada China Business Council since 2003, and was appointed Chairman of the Board of Governors of Concordia University in 2005.
He is a member of the board of the St. Mary’s Hospital Foundation and of the Center for Interuniversity Research and Analysis on Organizations (CIRANO), and he has served on the advisory board of the School of Business at Memorial University of Newfoundland.
Mr. Kruyt obtained a Bachelor of Commerce degree from Concordia University and an MBA from the European Institute of Business Administration (INSEAD).
Pierre Larochelle
Vice-President
Mr. Larochelle has been Vice-President, Investments at Power Corporation since 2009.
Prior to joining the company, he served as President and Chief Executive Officer of Adaltis Inc., a healthcare diagnostic company, from 2003 to 2009, redirecting the company’s mission and strategy towards emerging markets, with a specific focus on China, and overseeing the restructuring of its operations. Previously, he held the positions of Vice-President of Business Development at Picchio Pharma Inc., and Vice-President of Mergers and Acquisitions at Credit Suisse First Boston in London, England.
Mr. Larochelle began his career as a corporate and securities lawyer at the Montréal offices of Ogilvy Renault. He sits on the boards of Sagard Capital, Sagard SAS, Bellus Health, Victoria Square Ventures, and Potentia Solar Inc. He is also actively involved in various not-for-profit organizations and serves on the board of directors of the Fonds de développement des anciens et anciennes du Collège Jean-de-Brébeuf and of C2-MTL, an annual global conference that explores the relationship between commerce and creativity and its potential to redefine business.
Mr. Larochelle holds a Bachelor of Laws degree from Université de Montréal, a Master in International Business Law from McGill University, and an MBA from the European Institute of Business Administration (INSEAD).
Denis Le Vasseur , C.A.
Vice-President and Controller
Mr. Le Vasseur joined the Power group of companies in 1992 and currently serves as Vice-President and Controller of Power Corporation and of Power Financial. His responsibilities include financial reporting, budgeting, taxation and information technology.
Mr. Le Vasseur began his career in 1982 with Touche Ross, a predecessor firm of Deloitte & Touche, specializing in the audit of large holding companies. He also worked on various consulting assignments in the field of mergers and acquisitions.
Mr. Le Vasseur earned a Bachelor of Science in Mathematics and an MBA from McGill University, and obtained his Chartered Accountant designation in 1985. He serves on the board of directors of the On the Tip of the Toes Foundation, an organization that helps teenagers living with cancer regain their self-esteem and sense of pride through wilderness adventure therapy.
Stéphane Lemay
Vice-President, Assistant General Counsel and Associate Secretary
Mr. Lemay has been Vice-President, Assistant General Counsel and Associate Secretary at Power Corporation since 2005. He was appointed Vice-President, Assistant General Counsel and Associate Secretary at Power Financial in 2009.
Mr. Lemay began his career with the law firm Byers Casgrain, now Fraser Milner Casgrain, where he worked in commercial litigation for five years. He subsequently held the position of Policy Advisor, Economic Development, in the Office of the Prime Minister of Canada from 1997 to 1999. Mr. Lemay then returned to the private sector in Montréal, serving in a number of executive positions in legal, regulatory and public affairs with companies within the Telesystem Group. He then joined Gildan Activewear Inc., a leading sportswear manufacturer, where he was Vice-President of Public and Legal Affairs and Secretary until 2005.
Mr. Lemay is active in a number of not-for-profit organizations and community initiatives. He launched Étudiants dans la course – Students In the Running in 2009 and remains still very much involved in the organization. It is a program that trains students from at-risk neighbourhoods of Montréal to run the annual Montréal Oasis Marathon. The program has been a success so far, and has positively impacted the lives of many young people.
Henry Liu Yuhong , CFA
Vice-President
Mr. Liu was appointed Vice-President of Power Corporation in May 2011. He oversees Power Corporation’s business development in Asia, where the company currently has a number of investments. Mr. Liu joined Power Corporation in 1995 and has since held various positions, most recently as Financial Analyst and Director of Asian Affairs. Prior to joining Power Corporation, Mr. Liu worked with China CITIC Group in Beijing.
Mr. Liu is a member of the Investment Committee of Power Corporation’s Qualified Foreign Institutional Investor (QFII) program in China. He obtained a Bachelor of Arts degree in Nanjing, China, earned an MBA from McGill University, and is a CFA charterholder.
Richard Pan
Vice-President
Mr. Pan is currently Vice-President and Head of Corporate Finance and is responsible for strategic and corporate planning at Power Corporation and at Power Financial.
Before joining Power in 2008, Mr. Pan was an Executive Director in Investment Banking with Goldman Sachs International based in London, England. In this capacity, he specialized in Energy and Private Equity and was a member of the Global Natural Resources group. He was previously a member of the U.K. Advisory group, specializing in mergers & acquisitions.
Mr. Pan is a Rhodes Scholar and holds a Master of Philosophy in International Relations from Balliol College at Oxford University and a Bachelor of Arts (Honours) in Economics from the University of Western Ontario. His secondary education was at the University of Toronto Schools.
He is active in the community, with particular interests in education and the arts. He currently serves on the Board of Directors for the Opéra de Montréal and the Centaur Theatre.
Luc Reny , CFA
Vice-President
Mr. Reny has been Vice-President of Power Corporation since 2005 and Vice-President of Power Financial since 2009. Currently, he is responsible for human resources and compensation matters as well as real estate management and various aspects of Power’s operations. He joined Power Corporation in 1989 as a financial analyst and was subsequently named Executive Assistant to the President. In 1995, he was appointed Director of Administration.
He began his career in 1983 at the Caisse de dépôt et placement du Québec, where he worked as a financial analyst in the Asset Management and Equity Markets departments until 1989.
He is a member of the boards of directors of Square Victoria Communications Group, La Presse ltée, Le Club de hockey Les Remparts de Québec, and CV Tech Group. Mr. Reny is also a member of the board of the Canadian Chamber of Commerce.
Over the years, he has participated in many fundraising activities for various charitable organizations. He currently serves on the boards of the Fondation Armand-Frappier, the Fondation Jean-Monbourquette, and the Fondation Baxter & Alma Ricard.
Mr. Reny holds a Bachelor of Commerce from Université Laval and an Executive MBA from Université de Sherbrooke. He earned his Chartered Financial Analyst (CFA) designation from the CFA Institute in Virginia, United States.
Isabelle Morin , C.A.
Treasurer
Ms. Morin has been the Treasurer of Power Corporation and Power Financial since 2006, and is also responsible for investor relations. Prior to joining Power Corporation, she was Director, Internal Audit and Financial Planning, of Cogeco Inc., a diversified Canadian communications company, from 2001. Among her responsibilities, she analyzed and evaluated the financial affairs and value of potential acquisitions for the company.
From 1997 to 2001, Ms. Morin occupied various functions within Groupe Vidéotron ltée, overseeing and improving the financial operations for several of its subsidiaries. Ms. Morin was also Senior Financial Analyst for Teleglobe Canada from 1995 to 1997, and prior to that, worked as an auditor for Samson Belair/Deloitte & Touche from 1991.
Ms. Morin holds a Bachelor of Business Administration from Université du Québec à Montréal and is a Chartered Accountant.
Power Corporation’s senior management team continually strives for excellence in crafting and executing the Corporation’s strategy. The team’s vision, entrepreneurial approach and leadership has resulted in significant value for shareholders over the long term.
To learn more about our management team, click on the names to the left to view each member’s biography.