Péladeau named chair of Hydro-quebec
‘Experienced entrepreneur’ has asked to be unpaid, Marois says
QUEBEC — Pierre Karl Péladeau, who is stepping down as president and CEO of Quebecor Inc., has been named non-executive chairman of Hydro-Quebec.
He will replace Michael Turcotte, who was paid $125,000 and will receive one year of pay on leaving.
“He (Péladeau) will not be paid,” Premier Pauline Marois told reporters.
And since Péladeau has asked to be unpaid, this will represent a $500,000 saving for the utility over five years, she added.
Péladeau approached the premier, Marois said.
“He was interested in serving,” she said, and since he was “an experienced entre-
Péladeau will replace Michael Turcotte as the utility reviews energy efficiency and corporate mandates.
preneur” who had run a large company, she decided, with Natural Resources Minister Martine Ouellet, to name him to chair the Hy- dro-Quebec board. Marois said no other candidates were considered.
She said Turcotte was replaced because the utility is reviewing its energy efficiency and corporate mandates.
As well, the board under Péladeau’s direction will consider ways to best use Hydro-Québec’s surplus electricity, including plans by the Parti Québécois government to electrify transport in the province.
Péladeau will also be asked to review the international mandate of Hydro-Quebec.
Péladeau will begin his new position on May 15, after he winds up his activities with Quebecor.
But the former Quebecor CEO will also retain a mandate from Quebecor to seek a National Hockey League team for Quebec City.