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Jun 16, 2023Power Corp. lost its place as the standard-bearer in Canadian asset management. The clan behind it is now trying to modernize the firm and buy its way into higher-growth areas.
Power Corp.’s Jeffrey Orr, left, in 2019 with Paul Desmarais Jr. and Andre Desmarais, who were co-CEOs for almost 25 years and remain on the board.
The Desmarais clan is back in dealmaking mode. Only this time, it’s not simply to expand their empire — it’s to fix it.
Inside a narrow gray stone building just off Montreal’s main business district, the family and their key lieutenants are reshaping Power Corp. of Canada, the publicly traded holding company that’s the primary source of a fortune worth at least $4.5 billion.