Paul Desmarais Jr. Explained

Paul Desmarais Jr.
Birth Place:Sudbury, Ontario, Canada
Education:Lakefield College School
Alma Mater:McGill University
University of Ottawa
INSEAD
Known For:Chairman of Power Corporation of Canada
Spouse:Hélène Desmarais
Children:Paul Desmarais III
Parents:Paul Desmarais Sr.
Jacqueline Maranger
Relatives:André Desmarais (brother)

Paul Desmarais Jr. is a Canadian businessman and philanthropist. He has been the chairman and co-CEO of Power Corporation of Canada since 1996.

Early life and education

Paul Desmarais Jr. was born in Sudbury, Ontario. He was raised Roman Catholic.[1] He is the eldest son of billionaire Paul Desmarais Sr. and Jacqueline Desmarais.

He was educated at Lakefield College School in Lakefield, Ontario and later attended McGill University. Afterwards, he earned a Master of Business Administration degree at INSEAD.

Career

Desmarais began his career with S.G. Warburg & Co. in London, England, and with Standard Brands Incorporated in New York. He then joined Power Corporation of Canada in 1981 and assumed the position of Vice-President the following year. In 1984, he led the creation of Power Financial Corporation, where he served as Vice-President 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, as Executive Co-Chairman from 2008 to 2020, and as Chairman since 2020.[2]

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.[3] [4] On February 13, 2020, Desmarais retired from the functions of co-CEO and continued to play an active role in the governance of Power Corporation as chairman of its board of directors.[5] [6]

In August 2016, The Wall Street Journal stated that Desmarais and his brother André were "readying their 34-year-old sons (Paul Desmarais III and Olivier Desmarais) to take over Power Corp".[7]

In April 2020, Paul and André Desmarais received more than $2.8 million each for stepping down as co-chief executive officers.[8]

Board memberships

He was vice-chairman of the board and a director of Imerys (France) from 1998 until 2008; a director of GDF Suez (France) from 2008 until 2014; and a director of Total until 2017.

He is chairman of the board of governors of the International Economic Forum of the Americas (Canada), which holds four annual conferences, including the Conference of Montreal,[9] as well as member of The Business Council of Canada and The Business Council (United States).[10] Desmarais is also a trustee of the Brookings Institution, co-chair of the Brookings International Advisory Council and a member of the Brookings Executive Committee. He is a member of the Global Board of Advisors of the Council on Foreign Relations (United States).

He is a member of the Global Advisory Council of Harvard.[2]

Philanthropic activities

Desmarais is involved with Centraide of Greater Montréal; he founded the Major Donors Circle in 1997 and had been its Honorary Chairman for many years, until 2017.[11] He received the 2018 Michèle Thibodeau-DeGuire Award and became the first Governor Emeritus for his contribution and support in the fight against poverty and social exclusion.[12] He is also one of the honorary chairs of the "Healing More Better" campaign of the CHU Sainte-Justine Foundation.[13]

In 2014 Desmarais participated in a ski expedition to the North Magnetic Pole, organized by True Patriot Love, Canada's largest charity supporting military families. The goal of the expedition was to raise awareness of the physical and mental injuries that continue to impact Canadian soldiers.[14]

Desmarais was co-chair of "A Force of Nature", a national campaign of Nature Conservancy Canada from April 1, 2007 to December 31, 2012. The national campaign raised more than $500 million and protected 752,000 acres (300,000 hectares) of at-risk natural habitat across Canada, home to more than 145 species at risk.[15]

Personal life

Desmarais is married to Hélène Desmarais, chairman of the board and CEO of the Centre d'entreprises et d'innovation de Montréal (CEIM).[16]

Honors

External links

Notes and References

  1. https://www.theglobeandmail.com/report-on-business/like-father-like-sons/article826626/ Like father, like sons?
  2. Web site: Power Corporation of Canada Board of Directors. 2021-01-22. www.powercorporation.com. en.
  3. Web site: Positioning for Growth at Home and Abroad. 2021-01-22. www.powercorporationhistory.com. en.
  4. Web site: Power Corporation and Power Financial Announce Completion of Reorganization and the Determination of the Final Offer Price for the Pre-Emptive Right - Press Releases. www.powercorporation.com. en. 2020-03-23.
  5. News: Billionaire Desmarais brothers to step down as CEOs in Power Corp. Revamp . 2021-11-04. Bloomberg.com. 13 December 2019 .
  6. Web site: Power Corporation and Power Financial Announce Completion of Reorganization and the Determination of the Final Offer Price for the Pre-Emptive Right - Press Releases . 2021-11-04 . www.powercorporation.com . en.
  7. News: Canada's Desmarais Clan: A New Generation Takes Control. Das. Anupreeta. 2016-08-22. Wall Street Journal. 2017-12-01. Mackrael. Kim. en-US. 0099-9660.
  8. News: Power Corp. pays Desmarais brothers $2.9-million apiece. 2021-08-04.
  9. Web site: Board of Governors – IEFA. forum-americas.org. en-US. 2017-09-25. dead. https://web.archive.org/web/20170925230116/https://forum-americas.org/montreal/2017-edition/board-of-governors/. 2017-09-25.
  10. News: Board of Directors. Business Council of Canada. 2018-10-31. en-US.
  11. Web site: Cabinet des Grands donateurs 2020. 2021-01-22. centraide. fr.
  12. Web site: Paul Desmarais Jr. 2021-01-22 . centraide . en.
  13. Web site: About the CHU Sainte-Justine Foundation . 2021-01-22 . Fondation CHU Sainte-Justine. en.
  14. Web site: 2014 True Patriot Love Toronto Tribute Dinner. 2021-01-22. YouTube.
  15. Web site: NCC: Together, we are a force for nature!. dead. https://web.archive.org/web/20151020131846/http://www.natureconservancy.ca/en/what-we-do/a-force-for-nature-campaign/. 2015-10-20. 2021-01-22.
  16. Web site: Home . 2021-01-22. CEIM. en-US.
  17. Web site: 2015-08-13. Paul Desmarais Jr, MBA'79. 2021-01-22. INSEAD. en.
  18. Web site: General. Office of the Secretary to the Governor. 2018-06-11. Recipients. 2021-01-22. The Governor General of Canada.
  19. Web site: Awards: AIB Fellows' International Executive of the Year Award :: Academy of International Business (AIB). 2021-01-22. aib.msu.edu.
  20. Web site: 2016-11-24. Paul Desmarais Jr. 2021-04-08. Ordre de Montréal. en.
  21. https://www2.ulaval.ca/notre-universite/prix-et-distinctions/doctorats-honoris-causa-de-luniversite-laval/recipiendaires-doctorat-honoris-causa-2006-2007.html
  22. Web site: Recherche détaillée – Ordre national du Québec. 2021-01-22. www.ordre-national.gouv.qc.ca.
  23. News: Board of Governors - International Economic Forum of the Americas. International Economic Forum of the Americas. 2017-12-14. en-US.
  24. Web site: Michèle Thibodeau-De-Guire Award - Paul Desmarais Jr. Centraide. en. 2018-10-31.
  25. Web site: Association of Fundraising Professionals.
  26. Web site: Outstanding graduates and remarkable Canadians are recipients of honorary degrees at U of M's 140th Spring Convocation. 2021-05-26. UM Today.
  27. Web site: THE CHANGE AGENTS: BUSINESS TITANS HÉLÈNE AND PAUL DESMARAIS TO RECEIVE HONORARY DEGREES FROM MCMASTER. 2021-05-26. McMaster University.

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