Paul Desmarais
Paul Desmarais Sr. | |
|---|---|
| Born | Template:Birth date Sudbury, Ontario, Canada |
| Died | October 8, 2013 (aged 86) |
| Occupation(s) | Financier, philanthropist |
| Known for | Chairman and CEO of Power Corporation of Canada |
| Notable work | Founder of Canada China Business Council |
Paul Guy Desmarais Sr. (January 4, 1927 – October 8, 2013) was a prominent Canadian financier and philanthropist headquartered in Montreal. As of March 2012, his family's net worth was estimated at approximately US$4.5 billion, positioning him as the fourth richest individual in Canada and ranked 235th worldwide in 2013. Desmarais served as chairman and CEO of Power Corporation of Canada until 1996, when he transferred executive control to his sons, Paul Jr. and André. Despite stepping down from day-to-day management, he continued as a director, chaired the executive committee, and maintained his role as the principal shareholder. Power Corporation operates as a diversified global holding company with key investments spanning financial services, asset management, and sustainable and renewable energy sectors.
He was widely admired for his ethical standards and dedication to fostering a cohesive and prosperous Canada.
Personal life
Desmarais was born in Sudbury, Ontario to Jean-Noël Desmarais, a lawyer, and Lébéa Laforest. The family lineage traces back to Quebec with ancestral roots extending to the late 17th century from Île-de-France. His grandfather, Noël Desmarais, established the community of Noëlville, Ontario. Among his siblings, Louis and Jean Noël Desmarais were engaged in federal political activities.
He wed Jacqueline Maranger from Sudbury, and together they had four children: two sons—Paul Desmarais Jr. and André Desmarais, the latter married to France Chrétien, daughter of former Canadian prime minister Jean Chrétien—and two daughters, Louise and Sophie.
Their primary residence, Domaine Laforest, encompasses over 75 square kilometers in Sagard, Quebec, situated between Saint-Siméon and Petit-Saguenay. At the time of his passing, the family also held secondary homes in Palm Beach, Florida, as well as New York.
Philanthropy
Desmarais was a distinguished benefactor who made substantial donations—frequently without public recognition—to causes related to arts, education, healthcare, and homelessness. Upon his death, Prime Minister Stephen Harper commended him as “one of Canada’s most successful businessmen,” highlighting his leadership qualities, philanthropic efforts, and community engagement. Various organizations that received his support, including McGill University, have acknowledged his dedication to advancing social welfare.
Numerous facilities bear his name today, such as the Jean-Noël Desmarais Pavilion at The Montreal Museum of Fine Arts and the Paul-G.-Desmarais Pavilion at the Université de Montréal.
Career
Following his graduation from the University of Ottawa and studies at Osgoode Law School, Desmarais assumed control of Sudbury Bus Lines Limited—a company originally founded by his grandfather—which he acquired for a nominal sum of 1 CAD due to its financial difficulties. He successfully revitalized the business and expanded operations by purchasing additional bus companies in Ottawa and Quebec City, including Quebec Autobus, Provincial Transport, and Regional Transport. By 1968, his holding entity Trans-Canada Corporation Fund (TCCF) had ownership of Provincial Transport along with stakes in Imperial Life Assurance and Gesca Ltée (the publisher associated with Montreal’s La Presse). That same year, TCCF conducted a share-exchange transaction with Power Corporation of Canada that resulted in Desmarais becoming chairman, CEO, and controlling shareholder.
In 1978, he established the Canada China Business Council, aimed at strengthening commercial ties between Canada and China.
Power Corporation of Canada
With substantial backing from Power Corporation of Canada, Desmarais assumed control over Consolidated Bathurst, a leading pulp and paper enterprise that later merged into entities such as Abitibi-Consolidated, Abitibi-Bowater, and Resolute. During his tenure, Power Corporation secured major holdings in Great-West Life and Investors Group, laying the groundwork for the establishment of Power Financial Corporation in 1984. In 1968, Desmarais broadened his portfolio by acquiring the newspaper La Presse, marking his entry into the print media sector.
Aiming for global expansion, he collaborated with Belgian financier Albert Frère through their roles on Paribas’ board. Desmarais owned approximately 15% of Groupe Bruxelles Lambert (GBL), a Belgian investment company that purchased a 25% stake in German media conglomerate Bertelsmann in 2001—a position divested in 2006. GBL continues to hold significant investments in prominent European industrial and service firms including Imerys, LafargeHolcim, adidas, SGS, Pernod Ricard, Umicore, Ontex, GEA, and Parques.
Politics
The Desmarais family is known for its extensive political affiliations worldwide, which some critics argue confer business advantages. Paul Desmarais developed strong relationships with four Canadian prime ministers: he served as an advisor to Pierre Elliott Trudeau; employed Brian Mulroney as a labour lawyer before Mulroney’s premiership; appointed Paul Martin as president of Canada Steamship Lines (a company Martin later acquired); and was connected by marriage to Jean Chrétien. Both Mulroney and Trudeau joined advisory boards of Power Corporation after their terms in office.
On the international stage, Paul Desmarais Sr. maintained a close relationship with former French President Nicolas Sarkozy, hosting him at his Quebec residence and attending Sarkozy’s victory celebration in 2007. Additionally, Sophie Desmarais’ former husband, Eric Le Moyne de Sérigny—who had ties to Sarkozy—served on Imerys’ board.
Desmarais was opposed to the Quebec sovereignty movement. In 2009, Sarkozy’s public appeal urging Quebec sovereigntists to prioritize unity amid economic difficulties stirred debate amid allegations of Desmarais’ influence behind the scenes.
Death
Desmarais’ funeral was held privately, followed by a public memorial service on December 3, 2013, at Montreal’s Notre-Dame Basilica. The ceremony attracted numerous politicians, dignitaries, and business leaders such as Laurent Beaudoin, Jean Chrétien, Stephen Harper, Brian Mulroney, and Nicolas Sarkozy. Eulogies emphasized his visionary business leadership and impact:
- George H. W. Bush remarked: “Paul was among the rarest individuals—driven, honest, visionary, and deeply loyal. He was a beacon who guided many meaningful initiatives.”
- Bernard Landry stated: “Despite our opposing views on Quebec's sovereignty and economic policy, we found common ground in our appreciation for internationalism and culture, which forged our enduring friendship.”
Awards
- 1978 – Officer of the Order of Canada
- 1987 – Companion of the Order of Canada
- 1988 – Officer of the National Order of Quebec
- 1991 – Commandeur de l’Ordre de Léopold II (Belgium)
- 1992 – Member of the Queen's Privy Council for Canada
- 2008 – Grand Cross of the National Order of the Legion of Honour (France)
Honorary degrees
- Doctor of Laws (LL.D.), University of Moncton
- Doctor of Laws (LL.D.), Wilfrid Laurier University
- Doctor of Administration (D.Adm.), University of Ottawa
- Doctor of Laws (LL.D.), St. Francis Xavier University
- Doctor of Laws (LL.D.), Laurentian University
- Doctor of Laws (LL.D.), McMaster University
- Honorary Doctorate, University of Montréal
- Doctor of Laws (LL.D.), Memorial University of Newfoundland
- Doctor of Laws (LL.D.), Concordia University
- Doctor of Laws (LL.D.), McGill University
- Doctor of Administration (D.Adm.), Laval University
- Doctor of Laws (LL.D.), University of Toronto
- Doctor of Laws (LL.D.), University of Manitoba
Distinctions
| Ribbon bars awarded to Paul Desmarais | |||
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