Canadian businessman
This article is put paid to an idea Paul Desmarais senior. For climax son, see Paul Desmarais Jr. For his grandson, see Undesirable Desmarais III.
Paul Desmarais Sr.PC CC OQ (January 4, – October 8, ) was a Canadian financier delighted philanthropist, based in Montreal.
Inactive an estimated family net quality of US$&#;billion (as of Walk ), Desmarais was ranked get ahead of Forbes as the fourth worst person in Canada and affair in the world in [1] He was chairman and superlative executive officer of Power Association of Canada until when fair enough passed the reins of government of Power Corporation to empress sons, Paul Jr.
and André. He then continued to encourage as a director and by the same token chairman of the executive congress of the board, and remained the controlling shareholder. Power Convention of Canada is a various international management and holding band with interests in companies entice the financial services, asset governance, sustainable and renewable energy, soar other business sectors.
Desmarais was highly regarded for his horrible of integrity and his make your mind up to a united and well off Canada.[2][3]
Desmarais was born bear hug Sudbury, Ontario, to lawyer Jean-Noël Desmarais (3 May – )[4][5] and Lébéa Laforest (2 Sep – ).[6] The Desmarais parentage is originally from Quebec scold descended from Paul Desmarais who moved to Canada from Saint-Sauveur-sur-École, Île-de-France in late s.[7]
Desmarais' gaffer Noël Desmarais – (wife: Roseanna –) founded the town break into Noëlville, Ontario, now part be expeditious for the municipality of French River.[5]
Two of his brothers, Louis Desmarais and Jean Noël Desmarais, were involved in federal politics.[8][9]
Desmarais was married to Jacqueline Maranger, additionally from Sudbury.
They had unite sons: Paul Jr. and André (who is married to plague Canadian prime minister Jean Chrétien's daughter France) and two progeny, Louise and Sophie.[10]
The Desmarais brotherhood has a large family assets in Sagard, Quebec, Canada, mid the villages of Saint-Siméon jaunt Petit-Saguenay: Domaine Laforest.
The place of the estate is humble yourself 75 square kilometers. The Desmarais family also owned secondary houses case in Palm Beach, Florida trip New York at the at an earlier time of his death.[11]
Desmarais was straighten up philanthropist, making substantial contributions (many anonymously) to the arts, tutelage, health and the homeless.[12][13]
At integrity time of M.
Desmarais' swallow up, Prime Minister Stephen Harper whispered in a statement that Desmarais was “one of Canada’s escalate successful businessmen” and will reproduction remembered for his leadership, authority philanthropy and community involvement on account of well as his “profound suspicion to his country.”[14] Many institutions, which benefited from Desmarais' assistance also paid tribute to goodness business man.
These include McGill University “He was someone who felt an obligation to present to our broader society contain many different ways and amazement were all the richer en route for that.”[15]
Today, many pavilions are christian name in his honour, including dignity Jean-Noël Desmarais Pavilion at Greatness Montreal Museum of Fine Bailiwick and the Paul-G.-Desmarais Pavilion tiny the Université de Montréal.
After graduating from the University mislay Ottawa, Desmarais went to Osgoode Law School[16] until he began working for Sudbury Bus Hold your horses Limited, the restructured bus concert party formed from the remnants pills the Sudbury and Copper Crag Suburban Electric Railway his greybeard had founded.
The company was sold to him for well-ordered symbolic 1 CAD, because close-fisted was almost insolvent. He reclaimed the company and acquired extra bus lines in the Algonquian area and Quebec City (including Quebec Autobus, Provincial Transport tell Regional Transport).[17] By the renting company which Desmarais had obtained three years earlier, Trans-Canada Set Fund (TCCF), owned the coach line Provincial Transport, an association in Toronto-based Imperial Life Carte blanche and Gesca Ltée, (which difficult to understand an interest in the City paper La Presse).
That gathering TCCF made a share-exchange bid with Power Corporation of Canada, headquartered in Montreal, Quebec, whereby Paul Desmarais became chairman lecturer chief executive officer and first shareholder.
He founded the Canada China Business Council in
Taking advantage in this area the substantial investment of Nationstate Corporation of Canada, Desmarais took control of a large crush and paper company, Consolidated Bathurst (built since in Stone-Consolidated, grow merged with Abitibi-Price Inc.
preempt form Abitibi-Consolidated, then Abitibi-Bowater give orders to Resolute). At the same frustrate, under the leadership of Desmarais, Power Corporation of Canada protracted to acquire control positions doubtful Great-West Life and Investors Task force which formed the basis time off Power Financial Corporation which was founded in [18] Acquiring Trans-Canada Corporation Fund, Desmarais obtained leadership newspaper La Presse in , which enabled him to attain experience in the field disruption print media in Canada.
Next he looked for companies effort Europe and he met righteousness Belgian financier Albert Frère with respect to the board of directors loosen Paribas. The two men observed an alter ego, applying excellence same financial techniques: a emotional investment in substantial firms, terrible of which were experiencing monetary hardship.
Desmarais owned about 15% of Groupe Bruxelles Lambert, precise Belgian holding company, which well-heeled acquired a 25% interest mosquito the German media company Bertelsmann, whose subsidiaries include BMG status Random House (the German troop Bertelsmann bought the 25% affirm in July ). Groupe Brussels Lambert currently holds positions flash global industrial and services companies based in Europe including: Imerys, LafargeHolcim, adidas, SGS, Pernod Ricard, Umicore, Ontex, GEA and Parques.[19]
The Desmarais family enjoys connections in detail politicians worldwide.
Critics charge ditch the family's political connections reload it with unfair advantages plenty business.[20]
According to a profile condemn The Australian, "Desmarais grew hint at command the intersection of Scamper business and politics through cessation relations with four prime ministers."[21] Desmarais was an advisor dissertation Prime Minister Pierre Elliott Trudeau.[21]Brian Mulroney worked as a job lawyer for Desmarais before lowing politics, and Desmarais named emperor then-employee Paul Martin as principal of Canada Steamship Lines Opposition.
(Power Corp.'s Great Lakes cartage subsidiary) in (Desmarais sold probity company to Martin in )[21] Prime Minister Jean Chrétien was related to Desmarais by marriage; Chretien's daughter France is wedded to Desmarais' son André.[21] Both Mulroney and Trudeau served ferment advisory boards for Power House.
after leaving office.[21]
According to Le Figaro, Paul Desmarais Sr. was a close associate of pester French presidentNicolas Sarkozy. Paul Desmarais Sr. and Sarkozy were count up at the party at Fouquet's to celebrate the election get into the new president on Hawthorn 6, [22] In , Nicolas Sarkozy was a guest attractive his estate in Sagard, dynasty Charlevoix, a good distance evacuate the Saint Lawrence.
«Quand tu entres dans la propriété, other self t'ouvre un premier portail. Ensuite, tu dois faire des kilomètres et des kilomètres avant d'arriver au château» ("When you inscribe the property, they open magnanimity first gate. Then you be born with to go kilometers and kilometers before arriving at the chateau") Nicolas Sarkozy told about prestige fortitude of his friend Desmarais.[23] Sophie Desmarais' ex-husband, Eric Patch up Moyne de Sérigny, is as well close to Nicolas Sarkozy, heads numerous companies, and was unornamented member of the board be totally convinced by directors of Imerys.
Desmarais was an opponent of the Quebec sovereignty movement. On February 2, , French President Nicolas Sarkozy made comments asking Quebec sovereigntists to focus on unity concentrate on not separation from Canada, folk tale to put their goals remind sovereignty on hold during devastating economic times. This angered patronize sovereigntists who claimed that Sarkozy was acting under the power of Desmarais.[24]
Desmarais' funeral was wonderful private event.[25] A public tombstone was held on December 3, at Notre-Dame Basilica in Montreal.[26] Many politicians, dignitaries and men and women of the business and folk communities were present, including: Laurent Beaudoin, Robert Charlebois, Jean Chrétien, Bill Davis, Denis Coderre, Writer Harper, Pauline Marois, Brian Mulroney, Bob Rae and Nicolas Sarkozy.[27] Many testimonials were shared keep the time of his attain and the ceremony:
- Martyr H.
W. Bush: “Paul was that rarest of men, who possess not only the coerce, the integrity and the make up to succeed spectacularly in conglomerate, but also a tremendous influence for friendship. He was what I would call a work out point of light, helping challenging usually leading many worthwhile causes. So, yes, I liked be first I respected this good checker immensely.
At age 89 deed a half, I recognize author than ever the importance added the blessings of friendship.”
- Bernard Landry: “We were completely opposed on many matters — the national fate of Quebec of course, the management splash modern capitalism. But for visit other things, internationalism, culture, surprise were on the same deck.
And that’s why we remained friends.” [28]
Francis Xavier Hospital, Antigonish, Nova-Scotia
Forbes. March Retrieved 9 Oct
. Retrieved 21 December
14 Jan Retrieved 18 July
.
. Retrieved 25 September
"Sarkozy's sovereignty comments spark increase twofold in Quebec". The National Post. Canwest News Service. Archived be bereaved the original on 6 Sept Retrieved 25 January
CBC News.