Péladeau back as CEO of Quebecor
Pierre Karl Péladeau is back at the helm of his family communications business Quebecor Inc. after a brief stint in politics.
Quebecor announced Thursday that effective immediately Péladeau will take over as president and CEO, a position he held for 14 years before leaving for provincial politics in 2013.
He will replace Pierre Dion, who has been appointed to the board of Quebecor and chairman of Quebecor Media. Former prime minister Brian Mulroney remains chairman of Quebecor.
“I am very pleased to return to the helm of Quebecor,” Péladeau, 55, said in a statement. “The corporation is dear to my heart, it is in sound financial health, and has grown steadily in recent years. I’d like to express my gratitude to Pierre Dion for his hard work and exemplary leadership, and to the entire management team.”
Péladeau returns to the company, founded by his father Pierre in 1965, after resigning from the leadership of the Parti Québecois in May 2016 for family reasons. In January 2016, he separated from his wife, actress and producer Julie Snyder, after a short marriage after years together.
Political opponents criticized his refusal to sell his shares in Quebecor or place them in a blind trust.
The company that Péladeau takes over is different from the one he left. During his absence, Quebecor’s wireless business Videotron continued to grow as a successful fourth carrier in the province, boosting the business despite pressures in the media and cable divisions.
The company also sold Sun Media’s English-language operations — including the Sun chain of daily newspapers — to Postmedia Network Canada and shut down Sun News Network, the company’s news channel, after it failed to find a buyer for the TV station. TVA Group discontinued its Argent service last year.
However, National Bank Financial analyst Adam Shine said Péladeau’s return shouldn’t come as a surprise, and he doesn’t expect any material change at the company.
“We’ll watch for executive turnover, but none is truly expected,” Shine wrote in a note to clients.
Quebecor owns an 81 per cent stake in Quebecor Media, which holds the Videotron cable and telecommunications company and TVA Group broadcaster as well as various other media businesses. Péladeau’s family controls the company through its class-A multiple-voting shares.
Quebecor’s class B shares were down 1.61 per cent, or 63 cents, closing at $38.41 on the Toronto Stock Exchange.