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 Executive Co-Chairman of Power Financial. He joined Power in 1981 and assumed the position of Vice-President the following year. In 1984, he led the creation of Power Financial to consolidate Power’s major financial holdings, as well as Pargesa Holding SA, under a single corporate entity. Mr. Desmarais served as Vice-President of Power Financial 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 and as Executive Co-Chairman from 2008 until today. 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.

After Power Financial and the Frère Group of Belgium took control of Pargesa in 1990, Mr. Desmarais moved to Europe from 1991 to 1994, to develop the partnership with the Frère Group and to restructure the Pargesa group. From 1982 to 1990, he was a member of the Management Committee of Pargesa, in 1991, Executive Vice-Chairman and then Executive Chairman of the Committee; in 2003, he was appointed Co-Chief Executive Officer and in 2013 named Chairman of the Board. He has been a Director of Pargesa since 1992.

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, Putnam Investments, IGM Financial, Investors Group and Mackenzie. In Europe, he is Vice-Chairman of the Board of Groupe Bruxelles Lambert, and a director of Total, Lafarge and SGS.

Mr. Desmarais is Chairman of the Board of Governors of The International Economic Forum of the Americas (Canada), a Trustee of The Brookings Institution, Co-Chair of the Brookings International Advisory Council and a member of the Brookings Executive Committee (Washington), a member of The Business Council (United States) and Chairman of the Canadian Council of Chief Executives. He is also active on a number of philanthropic advisory councils.

In 1994, he received the Insigne d’Officier de l’Ordre de la Couronne of Belgium. In 2005, he was named an Officer of the Order of Canada and he received the Executive of the Year Award from the Academy of International Business. In 2009, he was named an Officer of the Ordre national du Québec and in 2012, Chevalier de la Légion d’honneur in France. He holds a number of honorary doctorates.

He obtained a Bachelor of Commerce degree from McGill University and a MBA from the European Institute of Business Administration (INSEAD), France.

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 Executive 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.

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, and Centraide of Greater Montreal. He is Chairman 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.

Michel Plessis-Bélair

Vice-Chairman

Mr. Plessis-Bélair is Vice-Chairman of Power Corporation since 2008 and of Power Financial since 2012. Previously, he was Vice-Chairman and Chief Financial Officer of Power Corporation and Executive Vice-President and Chief Financial Officer of Power Financial.

He is a director of several Power group companies in both North America and Europe, including Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, Canada Life Financial, Canada Life, Pargesa, Groupe Bruxelles Lambert, and La Presse ltée. Mr. Plessis-Bélair is also a director of Lallemand Inc., and is a member of the International Advisory Board of École des hautes études commerciales (HEC) of Montréal.

Mr. Plessis-Bélair is a Fellow of the Québec Order of Chartered Professional Accountants. He holds a degree in Business and Accounting and a Master of Business from HEC, an MBA from Columbia University, and a Bachelor of Arts from Université de Montréal.

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 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, IGM Financial, Investors Group, Mackenzie Financial and Putnam Investments.

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. He is a Director of Santander Bank N.A. He was a member of the board of directors of the Global Financial Markets Association until 2014.

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 (in France), Université Laval, and Université de Sherbrooke. In 2006, he was named a “Great Montrealer” by the Board of Trade of Metropolitan 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.

Gregory D. Tretiak

Executive Vice-President and Chief Financial Officer

Mr. Tretiak was appointed Executive Vice-President and Chief Financial Officer of Power Corporation and Power Financial in May 2012. He is a director of Power Financial’s subsidiary companies Great-West Lifeco and IGM Financial and a number of their subsidiaries.

Mr. Tretiak joined Investors Group in 1988 and was Executive Vice-President and Chief Financial Officer of IGM Financial since 1999. In this role, he was responsible for all financial functions at IGM Financial and its subsidiaries: Investors Group, Mackenzie Financial and Investment Planning Counsel.

He holds a Bachelor of Arts in Economics and Political Science from the University of Winnipeg and is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Manitoba and a Certified Financial Planner.

Throughout his career, Mr. Tretiak has been an active member in professional industry groups including the Institute of Chartered Accountants, Financial Executives International, the Certified Financial Planners, and the Institute of Internal Auditors. He has served with national organizations such as the Investment Funds Institute of Canada, the Canadian Chamber of Commerce Economic and Taxation Committee and the Canadian Institute of Chartered Accountants.

Mr. Tretiak is actively involved in a number of community-based organizations.

Claude Généreux

Executive Vice-President

Mr. Généreux was appointed Executive Vice-President of Power Corporation and Power Financial in 2015. He is a Director of Power Financial’s subsidiary companies, Great-West Lifeco and IGM Financial and a number of their subsidiaries.

Mr. Généreux is Director Emeritus of McKinsey & Company, a global management consulting firm. During his 28 years with the firm, he focused on serving leading global companies in the Financial Services, Energy and Resources sectors. He has held various leadership positions including Global Sector Leadership in energy, Office Leadership in Montréal, Global Personal Committees for partner election and evaluation, and Global Recruiting for non-MBA candidates. Mr. Généreux helped launch McKinsey’s office in Montréal in 1991 and was also posted in its Paris, Toronto and Stockholm offices. 

He serves on the Board of Governors at McGill University and on the Board of the Jeanne Sauvé Foundation. He is also a member of the Advisory Board for the joint E-MBA program at McGill and HEC. He has received the Queen Elizabeth II Golden Jubilee Medal for outstanding and exemplary contributions to his community. 

Mr. Généreux graduated from McGill University and Oxford University, where he studied as a Rhodes Scholar.

John A. Rae , C.M.

Executive Vice-President

Mr. Rae is currently Executive Vice-President of Power Corporation. He served as Executive Vice-President, Office of the Chairman of the Executive Committee from 1996 to 2013, as Executive Vice-President, Office of the Chairman from 1991 to 1996, and as Vice-President from 1978. He joined Power Corporation in 1971 as Executive Assistant to the President and Chief Executive Officer. He was a director of Power Corporation from 1988 to 2012. He 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. He served as representative of the Liberal Party of Canada on the No Committee in the Referendum of 1995.

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, having served as Chair from 2000-2006.

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.

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. He has also been Managing Director of Pargesa Holding since June 1, 2013.

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.

Olivier Desmarais

Vice-President

Mr. Desmarais was appointed Vice-President of Power Corporation and Power Financial in May 2014. Prior to his current position, he was Director of Business Development at Square Victoria Digital Properties. From 2010 to 2013, he worked as an Associate at Putnam Investments. While completing his Law degree,             Mr. Desmarais was an articling student at Heenan Blaikie LLP and also worked as an Analyst at Pandion Investments.

In May 2014, Mr. Desmarais was named a director of Great-West Life, Investors Group, Mackenzie, Square Victoria Communications Group, Gesca ltée and La Presse ltée.

Mr. Desmarais holds a Bachelor of Civil Law from the University of Ottawa, a Bachelor of Arts Degree in Sociology and Political Science from McGill University. He is a member of the Québec Bar since 2009.

Paul Desmarais, III

Vice-President

Mr. Desmarais was appointed Vice-President of Power Corporation and Power Financial in May 2014. Prior to his current position, he was Assistant Vice-President in the Risk Management Group of Great-West Lifeco beginning in 2012. Previously, he worked in project management and corporate strategy at Imerys in France. He began his career in 2004, working for five years with Goldman Sachs in the United States, in the Investment Banking and Investment Strategy Groups, as well as in the Special Situations Group.

In May 2014, Mr. Desmarais was named a director of Great-West Life, Investors Group, Mackenzie, Pargesa, Groupe Bruxelles Lambert and Imerys.

In 2000, he was awarded the Duke of Edinburgh’s Award (Gold Level). Mr. Desmarais is the Founder and Honourary Chairman of Young Canadians in Finance, which provides young professionals working in the private and public financial sectors an exclusive network that enables them to assume leading roles in this field. He served as Co-Chair of the True Patriot Love 2014 Artic Expedition to the Magnetic North Pole. He also sits on the Board of Directors of The Next 36, an organization that fast tracks the development of Canada’s most talented young innovators, turning them into the country’s outstanding future business leaders and innovators. Mr. Desmarais is also a Chair of the Kenojuak Cultural Centre and Print Shop campaign.

Mr. Desmarais is the recipient of a Bachelor of Arts Degree in Economics from Harvard College (graduating Cum Laude) and he holds a Masters in Business Administration from INSEAD in 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 GP Strategies Corporation (GPX) and InnerWorkings (INWK) and is on the executive board of GSC, a Connecticut-based non-profit organization.

Peter Kruyt

Vice-President

Mr. Kruyt has been Vice-President of Power Corporation since 1996. He is also Chairman, President and Chief Executive Officer of Victoria Square Ventures and Chairman of Power Pacific Corporation Limited and Power Energy Corporation, all Power Corporation subsidiaries. When he first joined Power Corporation in 1981, he served as Executive Assistant to Mr. Paul G. Desmarais, who at the time was the Chairman and Chief Executive Officer.

He also serves as a director of La Presse, ltée and has been Chairman of the Canada China Business Council since 2003, and was Chairman of the Board of Governors of Concordia University from 2005 to 2012. He was also an alternate director on the board of CITIC Pacific Ltd. in Hong Kong from 2003 to 2014.

He has served as 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 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. He was appointed President and Chief Executive Officer of Power Energy Corporation, a subsidiary of Power Corporation, in January 2012.

From 2003 to 2009, he served as President and Chief Executive Officer of Adaltis Inc. 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 at the Montréal offices of Ogilvy Renault. He sits on the boards of Sagard SAS, Bellus Health, Lumenpulse Inc., Power Energy Corporation, Potentia Solar Inc. and Eagle Creek Renewable Energy. 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, of C2-MTL, an annual global conference on the relationship between commerce and creativity, and of the Sainte-Justine University Hospital Centre.

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 , CPACA

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, General Counsel and Secretary

Mr. Lemay was appointed Vice-President, General Counsel, and Secretary of Power Corporation and Power Financial in August of 2012. Mr. Lemay joined Power Corporation as Vice-President, Assistant General Counsel, and Associate Secretary in 2005 and assumed the same position at Power Financial in 2009. He is also responsible for corporate social responsibility initiatives at both companies, in addition to being the media spokesperson.

Mr. Lemay began his career with the law firm Byers Casgrain, now Dentons, 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 as Chair of the Board. 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. Mr. Lemay is also a member of the Board, Secretary and Chair of the Human resources Committee of the Society for the Celebrations of the 375th Anniversary of Montréal.

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 obtained a Bachelor of Arts degree in Nanjing, China, earned an MBA from McGill University, and is a CFA charter holder.

He serves as a member of the board of governors for the Jiu Ding Scholarship Program dedicated to Chinese students studying in Québec. He is also actively involved in supporting the development of cultural programs to promote local Chinese communities in Canada.

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 of Desautels Capital Management, the Opéra de Montréal and the Centaur Theatre. He is also Secretary of the Rhodes Scholarship Selection Committee for Québec and a Director of the Canadian Rhodes Scholars Foundation.

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 NAPEC Inc.

Over the years, he has participated in many fundraising activities for various charitable organizations. He currently serves on the boards of Forces Avenir, 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.

Philippe Martin

Treasurer

Mr. Martin was appointed Treasurer of Power Corporation and Power Financial in March 2015, and is also responsible for investor relations. He joined Power Corporation in 2009 as a Senior Financial Analyst in the Corporate Finance group. 

Prior joining Power Corporation, Mr. Martin was an Associate at a Canadian private equity firm, where he was responsible for the evaluation, execution and management of middle-market private equity investments. Previously, he worked in the Investment Banking division of BMO Capital Markets where he was involved in various restructuring transactions as a member of the Diversified Industries group. 

He serves as a member of the Emerging Leaders Committee of the Montreal Hearth Institute Foundation. Mr. Martin holds a Bachelor of Business Administration in finance from HEC Montréal.

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.