Paul Desmarais, the Canadian federalist, who built a Sudbury bus company into Power Corp., now one of the world's largest conglomerates with almost $40 billion in annual revenues, has died. He was 86.
Monsieur Desmarais was a true global ambassador and business leader:
Power Corp. is a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors.
Combined, Power Corp. manages over $500 billion of assets.
COULD THE 2ND GENERATION OUTDO THE FIRST?
Perhaps Paul Desmarais' greatest achievement is his family:
His sons are both global citizens and titans.
It's rare for the second generation to succeed as significantly as the first, as the Bronfman's Edgar Jr. and the Peladeau's Pierre Carl (''PK'') (check his birth certificate)) have proven.
Edgar Jr. sold off Seagracash cows like DuPont and Tropicana. He them purchased music labels that floundered as top people were dismissed, including MCA builder Lew Wasserman.
It’s rare for the second generation to succeed as significantly as the first, as theBronfman‘s (Edgar Jr.) and the Peladeau‘s (Pierre Carl (”PK”) (check his birth certificate)) who had the Midas Touch for turning tens of billions of dollars into bankrupt, under funded, starved-to-death printing facilities.
Mercifully, Pierre Carl Peladeau was finally fired as Quebecor CEO by the pension fund investors, after presiding over the bankruptcy of Quebecor World for refusing to invest in the skills and equipment that customers demanded. Or so the customers told me. Customers of sumptuous twenty-year agreements (!)
Conversely, Paul Desmarais’ sons André and Paul Jr. are first-class global visionaries and managers respectively, who both invest in their people:
They have the best financial services people running Power Corp.-owned AmericanPutnam Investments, Investor‘s Group, Great West LifeCo, and many others around the world.
André has the global business significance of a Richard Branson or the late Gianni Agnelli.
Paul Jr. has the stature of a“Larry” Fink of BlackRock or JP Morgan Chase‘s “Jamie” Dimon.
The Desmarais’ also have the best people in new & traditional media through properties including La Presse, La Presse+, Workopolis, and many others that Conrad Black didn’t already own!
Paul Desmarais never did outsmart Conrad Black, as Conrad won both Argus andSoutham over Paul Desmarais.
PAUL DESMARAIS INVESTED IN PEOPLE
Like Pierre Peladeau, Quebecor’s founder and fellow Federalist, Paul Desmarais invested in people.
Senior executives like Ian Rae and Peter Kruyt have been with Power Corp. for their entire executive careers.
Mr. Kruyt started as a special assistant to Paul Desmarais.
Paul Desmarais empowered his people.
Senior executives like Ian Rae and Peter Kruyt have been with Power Corp. for their entire executive careers.
Peter Kruyt leads the company’s China initiatives with André.
CHINA:
In October 2004, Power Corp. was granted a licence to operate as a Qualified Foreign Institutional Investor (QFII) in the Chinese “A” shares market, for an amount of US$50 million. (Power Corp. Quarterly Report Q1 2013)
As at March 31, 2013, the fair value of the investments in this program had increased to an amount of C$240 million (!)
The Corporation has invested US$50 million in Chinese companies listed on the Hong Kong Stock Exchange (“H” shares) and the Shenzhen or Shanghai Stock Exchange (“B” shares).
As at March 31, 2013, the fair value of the “B” and “H” shares program was C$11 million.
The Corporation also holds a 10% interest in China AMC, for a fair value of $282 million as at March 31, 2013.
China AMC was established in 1998 and was one of the first asset management companies approved by the China Securities Regulatory Commission.
Neither Rupert Murdoch, nor Sumner Redstone, the CEO’s of News Corp. and Viacom|CBS respectively, cracked China despite their best efforts
Only MTV made it there. And André Desmarais – Paul’s son: Power Corp. is now recognized as a leading company in the Chinese asset management sector.
Other Quebec titans have won with world class people too:
For example, in 1989, Quebecor Inc. acquired Bell Canada’s (BCE) Ronalds PrintingInc. (Ronalds) for approximately $200 million. My father was President of Ronalds at the time.
A key part of the deal included my father staying on as President of the combined company. My father staying on as President was Pierre Peladeau’s only non-negotiable item in the deal.
Pierre Peladeau understood the importance of people: from 1989-2003, when Pierre Carl took over, my father led Quebecor World to becoming the world’s largest commercial printer with 45,000 employees and almost $10 billion of revenue. With media and print industry leading margins.
As above, within less than two years of taking over as CEO, Pierre Carl bankrupt the company. By starving his people and plants of capital and leadership.
VISIONARIES:
Power Corp. has also had vision. It has invested in renewable energy (solar) and high speed train partnerships with the Bombardier/Beaudoin family.
EUROPE:
Power Financial, through its wholly owned subsidiary, Power Financial Europe B.V., and the Frère family group of Belgium each hold a 50% interest in Parjointco, a Netherlands-based company. Parjointco’s principal holding is a 55.6% equity interest (75.4% of the voting rights) in Pargesa Holding SA, the Pargesa group’s parent company based in Geneva, Switzerland.
The Pargesa group, through the holding company Groupe Bruxelles Lambert, holds significant positions in large companies based in Europe. (powercorporation.com)
POLITICAL STRINGS?
The media has always erroneously presumed that Paul Desmarais influenced the federal governments of both France and Canada. This was never true.
As former Canadian Prime Minister Paul Martin, affirms, Paul Desmarais was a strong federal supporter. But he never attempted to influence policy.
He was never sleazy like Brian Mulroney with his power. Paul Desmarais was indeed more powerful because he never exercised his power. He played within the mutual framework of non-zero sum games.
Monsieur Desmarais surrounded himself with world leaders. His Board of Directors have included leaders like Senator Pitfield and Transcontinental ‘s Isabelle Marcoux.
The greatest business people and political leaders were close friends of Paul Desmarais. Musicians too. And writers. Paul Desmarais had many friends because he was a man of integrity and loyalty.
who had the Midas Touch for turning tens of billions of dollars into bankrupt, under funded, starved-to-death printing facilities.
Mercifully, Pierre Carl Peladeau was finally fired as Quebecor CEO by the pension fund investors, after presiding over the bankruptcy of Quebecor World for refusing to invest in the skills and equipment that customers demanded. Or so the customers told me. Customers of sumptuous twenty-year agreements (!)
Conversely, Paul Desmarais' sons André and Paul Jr. are first-class global visionaries and managers respectively, who both invest in their people:
They have the best financial services people running Power Corp.-owned American Putnam Investments, Investor's Group, Great West LifeCo, and many others around the world.
HUMAN CAPITAL
André has the global business significance of a Richard Branson or the late Gianni Agnelli.
Paul Jr. has the stature of a"Larry" Fink of BlackRock or JP Morgan Chase's "Jamie" Dimon.
The Desmarais' also have the best people in new & traditional media through properties including La Presse, La Presse+, Workopolis, and many others that Conrad Black didn't already own!
Paul Desmarais never did outsmart Conrad Black, as Conrad won both Argus and Southam over Paul Desmarais.
PAUL DESMARAIS INVESTED IN PEOPLE
Like Pierre Peladeau, Quebecor's founder and fellow Federalist, Paul Desmarais invested in people.
Senior executives like Ian Rae and Peter Kruyt have been with Power Corp. for their entire executive careers.
Mr. Kruyt started as a special assistant to Paul Desmarais.
Paul Desmarais empowered his people.
Senior executives like Ian Rae and Peter Kruyt have been with Power Corp. for their entire executive careers.
Peter Kruyt leads the company's China initiatives with André.
CHINA:
In October 2004, Power Corp. was granted a licence to operate as a Qualified Foreign Institutional Investor (QFII) in the Chinese “A” shares market, for an amount of US$50 million. (Power Corp. Quarterly Report Q1 2013)
As at March 31, 2013, the fair value of the investments in this program had increased to an amount of C$240 million (!)
The Corporation has invested US$50 million in Chinese companies listed on the Hong Kong Stock Exchange (“H” shares) and the Shenzhen or Shanghai Stock Exchange (“B” shares).
As at March 31, 2013, the fair value of the “B” and “H” shares program was C$11 million.
The Corporation also holds a 10% interest in China AMC, for a fair value of $282 million as at March 31, 2013.
China AMC was established in 1998 and was one of the first asset management companies approved by the China Securities Regulatory Commission.
Neither Rupert Murdoch, nor Sumner Redstone, the CEO's of News Corp. and Viacom|CBS respectively, cracked China despite their best efforts
Only MTV made it there. And André Desmarais - Paul's son: Power Corp. is now recognized as a leading company in the Chinese asset management sector.
Other Quebec titans have won with world class people too:For example, in 1989, Quebecor Inc. acquired Bell Canada's (BCE) Ronalds Printing Inc. (Ronalds) for approximately $200 million. My father was President of Ronalds at the time.
A key part of the deal included my father staying on as President of the combined company. My father staying on as President was Pierre Peladeau's only non-negotiable item in the deal.
Pierre Peladeau understood the importance of people: from 1989-2003, when Pierre Carl took over, my father led Quebecor World to becoming the world's largest commercial printer with 45,000 employees and almost $10 billion of revenue. With media and print industry leading margins.
As above, within less than two years of taking over as CEO, Pierre Carl bankrupt the company. By starving his people and plants of capital and leadership.
VISIONARIES:
Power Corp. has also had vision. It has invested in renewable energy (solar) and high speed train partnerships with the Bombardier/Beaudoin family.
EUROPE:
Power
Financial, through its wholly owned subsidiary, Power Financial Europe
B.V., and the Frère family group of Belgium each hold a 50% interest in
Parjointco, a Netherlands-based company. Parjointco’s principal holding
is a 55.6% equity interest (75.4% of the voting rights) in Pargesa
Holding SA, the Pargesa group’s parent company based in Geneva,
Switzerland.
The Pargesa group, through the holding company Groupe Bruxelles Lambert, holds significant positions in large companies based in Europe. (powercorporation.com)
The Pargesa group, through the holding company Groupe Bruxelles Lambert, holds significant positions in large companies based in Europe. (powercorporation.com)
The media has always erroneously presumed that Paul Desmarais influenced the federal governments of both France and Canada. This was never true.
As former Canadian Prime Minister Paul Martin, affirms, Paul Desmarais was a strong federal supporter. But he never attempted to influence policy.
He was never sleazy like Brian Mulroney with his power. Paul Desmarais was indeed more powerful because he never exercised his power. He played within the mutual framework of non-zero sum games.
Monsieur Desmarais surrounded himself with world leaders. His Board of Directors have included leaders like Senator Pitfield and Transcontinental 's Isabelle Marcoux.
The greatest business people and political leaders were close friends of Paul Desmarais. Musicians too. And writers. Paul Desmarais had many friends because he was a man of integrity and loyalty.
Canada and the world are forever stronger for Paul Desmarais.
And the best is yet to come.
