André Roger Desmarais (born October 26, 1956) is a Canadian businessman and philanthropist.

Early life

He is the youngest son of Paul Desmarais Sr. and Jacqueline Desmarais. Born in

Ottawa Ottawa is the capital city of Canada. It is located in the southern Ontario, southern portion of the province of Ontario, at the confluence of the Ottawa River and the Rideau River. Ottawa borders Gatineau, Gatineau, Quebec, and forms the cor ...

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

, he attended

Lakefield College School Lakefield College School (sometimes called LCS, The Grove or simply Lakefield) is a private day and boarding school located north of the village of Lakefield, Ontario. It was the first Canadian member of Round Square, an international affiliatio ...

in Ontario for two years, then Selwyn House School. Desmarais is a graduate of

Concordia University Concordia University () is a Public university, public English-language research university located in Montreal, Quebec, Canada. Founded in 1974 following the merger of Loyola College (Montreal), Loyola College and Sir George Williams Universit ...

Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

(BComm 78, LLD 07).

Career

André Desmarais is currently deputy chairman of the company his father took control of in 1968,

Power Corporation Power Corporation of Canada is a management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are insurance, retirement, wealth management and investment management, including a portfolio ...

, based in

Montreal, Quebec Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

, Canada. He is also deputy chairman of Power Financial.

is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. Through its European-based affiliate, the Pargesa group, it also has significant holdings in a portfolio of global companies based in Europe. Desmarais began his career at Campeau Corporation in 1979. From 1980 to 1981, he was special assistant to the Minister of Justice of Canada. Between 1981 and 1982, he was an institutional investment counsellor at Richardson Greenshields Ltd. In 1983, Desmarais returned to Power Corporation of Canada. In 1984, he was appointed president and chief operating officer of Gesca ltée and chairman and chief executive officer of Power Broadcasting Inc., in 1988. In 1991, he became president and chief operating officer of Power Corporation of Canada. In 1994, he was named chairman of Power Pacific Corporation Limited; director and member of the executive committee of Power Corporation of Canada and Power Financial Corporation. In 1996, Desmarais was appointed president and co-chief executive officer of Power Corporation of Canada and deputy chairman of Power Financial Corporation. In May 2008, he was also appointed deputy chairman of Power Corporation of Canada and became executive co-chairman of Power Financial Corporation. He had started and owned an experimental farm in Canada, as of 2018, when he was running Power Corp. with his brother Paul Jr., which at the time controlled companies such as Great-West Lifeco Inc. and IGM Financial Inc. They both stepped down to board positions in 2019. They had run the company together for 25 years. In 2020, after 24 years as co-chief executive officer of Power Corporation, Desmarais retired from this role. He continues to play an active role in the governance of Power Corporation and maintains his position as deputy chairman of the board. The Desmarais family invested in

Rockefeller Capital Management Rockefeller Capital Management (RCM) is an independent wealth management and financial services firm, founded in 2018. The firm offers family office, asset management, and strategic advisory services to high-net-worth individuals and families, ins ...

in April 2023, providing $622 million from IGM Financial Inc. in exchange for a 20.5% stake and two board seats. IGM had reportedly approached Rockefeller a year earlier, beginning discussions in the fall, with IGM selling Investment Planning Counsel to

Canada Life The Canada Life Assurance Company ( French: ''La Compagnie d'Assurance du Canada sur la Vie''), commonly known as Canada Life (''Canada-Vie''), is a Canadian insurance and financial services company with its headquarters in Winnipeg, Manitoba. The ...

to help fund the purchase.

Board memberships

* Deputy Chairman: Power Corporation and Power Financial * Great-West Lifeco Inc. * Canada Life * Empower Retirement * Putnam Investments * IGM Financial Inc. * IG Wealth Management * Mackenzie * Power Sustainable * Vice-chairman: Pargesa Holding SA

Professional memberships

* Honorary Chairman of the Canada China Business Council * Member of The

Trilateral Commission The Trilateral Commission is a nongovernmental international organization aimed at fostering closer cooperation between Japan, Western Europe and North America. It was founded in July 1973, principally by American banker and philanthropist David ...

* Member of the Chairman's International Advisory Council of the Americas Society * Member of several China-based organizations

Past engagements

Member of the Hong Kong Chief Executive's Council of International Advisers from 1998 to 2007. Appointed in 2003 to the international council of the

JP Morgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational finance corporation headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by mark ...

Bank until 2010.

Honours

- 2003: Named an officer of the

Order of Canada The Order of Canada () is a Canadian state order, national order and the second-highest Award, honour for merit in the system of orders, decorations, and medals of Canada, after the Order of Merit. To coincide with the Canadian Centennial, ce ...

- 2009: Made an Officer of the

National Order of Quebec The National Order of Quebec ( French: ), also known as the Order of Quebec, is a civilian honour for merit in the Canadian province of Quebec. Instituted in 1984 when Lieutenant Governor Jean-Pierre Côté granted royal assent to the (Natio ...

- Doctorate ''honoris causa'' from

, Université de Montréal and McGill University - President of the honorary members – lieutenant-colonel of the Voltigeurs de Québec.

Personal life

He married France Chrétien Desmarais, the daughter of former

Prime Minister of Canada The prime minister of Canada () is the head of government of Canada. Under the Westminster system, the prime minister governs with the Confidence and supply, confidence of a majority of the elected House of Commons of Canada, House of Commons ...

Jean Chrétien Joseph Jacques Jean Chrétien (; born January 11, 1934) is a retired Canadian politician, statesman, and lawyer who served as the 20th prime minister of Canada from 1993 to 2003. He served as Leader of the Liberal Party of Canada, leader of t ...

, on May 23, 1981. They have four children. In August 2016, ''

The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...

'' mentions that André Desmarais and his brother Paul Jr. "are readying their 34-year-old sons ( Olivier Desmarais and Paul Desmarais III) to take over Power Corp".

Philanthropy

Desmarais has played key roles in a number of fundraising campaigns, including those of the Montreal Museum of Fine Arts, the Montreal Heart Institute, the Montreal General Hospital, Leucan, the Canadian Red Cross, the Canadian Cancer Society (The Daffodil Ball), Centraide of Greater Montreal and the Jean Paul Riopelle Foundation. In November 2015, André Desmarais and his wife donated 3 million Canadian dollars to the Montreal Heart Institute. Desmarais is also chairman of the Foundation Baxter & Alma Ricard.

References

{{DEFAULTSORT:Desmarais, Andre Directors of Power Corporation of Canada Officers of the Order of Canada Officers of the National Order of Quebec Franco-Ontarian people Concordia University alumni Businesspeople from Ottawa 1956 births Living people Andre Selwyn House School alumni