Paul Desmarais Sr. (January 4, 1927 – October 8, 2013) was a Canadian financier and philanthropist, based in
Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
. With an estimated family net worth of US$4.5 billion (as of March 2012), Desmarais was ranked by ''
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
'' as the fourth wealthiest person in Canada and 235th in the world in 2013. He was chairman and chief executive officer of
Power Corporation of Canada
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 portfol ...
until 1996 when he passed the reins of management of Power Corporation to his sons, Paul Jr. and André. He then continued to serve as a director and as chairman of the executive committee of the board, and remained the controlling shareholder.
Power Corporation of Canada
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 portfol ...
is a diversified international management and holding company with interests in companies in the financial services, asset management, sustainable and renewable energy, and other business sectors.
Desmarais was highly regarded for his standard of integrity and his commitment to a united and prosperous Canada.
Personal life
Desmarais was born in
Sudbury, Ontario
Sudbury, officially the City of Greater Sudbury is the largest city in Northern Ontario by population, with a population of 166,004 at the 2021 Canadian Census. By land area, it is the largest in Ontario and the fifth largest in Canada. It is a ...
, to lawyer Jean-Noël Desmarais (3 May 1897 – 1983)
and Lébéa Laforest (2 September 1899 – 1984).
The Desmarais family is originally from Quebec and descended from Paul Desmarais who moved to Canada from
Saint-Sauveur-sur-École,
Île-de-France
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, blank_name_sec1 = Gross regional product
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, bla ...
in late 1600s.
Desmarais' grandfather
Noël Desmarais
Noel or Noël may refer to:
Christmas
* , French for Christmas
* Noel is another name for a Christmas carol
Places
* Noel, Missouri, United States, a city
*Noel, Nova Scotia, Canada, a community
* 1563 Noël, an asteroid
*Mount Noel, Britis ...
1873–1964 (wife: Roseanna 1874–1964) founded the town of
Noëlville, Ontario, now part of the municipality of French River.
Two of his brothers,
Louis Desmarais and
Jean Noël Desmarais, were involved in federal politics.
Desmarais was married to Jacqueline Maranger, also from Sudbury. They had two sons:
Paul Jr. and
André
André — sometimes transliterated as Andre — is the French and Portuguese form of the name Andrew, and is now also used in the English-speaking world. It used in France, Quebec, Canada and other French-speaking countries. It is a variation o ...
(who is married to former Canadian Prime Minister
Jean Chrétien
Joseph Jacques Jean Chrétien (; born January 11, 1934) is a Canadian lawyer and politician who served as the 20th prime minister of Canada from 1993 to 2003.
Born and raised in Shawinigan Falls, Quebec, Chrétien is a law graduate from Uni ...
's daughter
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
) and two daughters, Louise and Sophie.
The Desmarais family has a large family estate in
Sagard, Quebec
Sagard is an unorganized territory and hamlet in the Capitale-Nationale region of Quebec, Canada, part of the Charlevoix-Est Regional County Municipality. The hamlet of Sagard () is located on the eastern banks of the Little Saguenay River, alo ...
, Canada, between the villages of Saint-Siméon and Petit-Saguenay: Domaine Laforest. The area of the estate is over 75 square kilometers. The Desmarais family also owned secondary homes in
Palm Beach,
Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...
and New York at the time of his death.
Philanthropy
Desmarais was a philanthropist, making substantial contributions (many anonymously) to the arts, education, health and the homeless.
At the time of M. Desmarais' death, Prime Minister Stephen Harper said in a statement that Desmarais was “one of Canada’s most successful businessmen” and will be remembered for his leadership, his philanthropy and community involvement as well as his “profound attachment to his country.” Many institutions, which benefited from Desmarais' contributions also paid tribute to the business man. These include McGill University “He was someone who felt an obligation to contribute to our broader society in many different ways and we were all the richer for that.”
Today, many pavilions are named in his honour, including the Jean-Noël Desmarais Pavilion at The Montreal Museum of Fine Arts and the Paul-G.-Desmarais Pavilion at the Université de Montréal.
Career
After having graduated from the
University of Ottawa
The University of Ottawa (french: Université d'Ottawa), often referred to as uOttawa or U of O, is a bilingual public research university in Ottawa, Ontario, Canada. The main campus is located on directly to the northeast of Downtown Ottawa ...
, Desmarais went to Osgoode Law School until he began working for Sudbury Bus Lines Limited, the restructured bus company formed from the remnants of the
Sudbury and Copper Cliff Suburban Electric Railway his grandfather had founded. The company was sold to him for a symbolic 1 CAD, because it was almost
bankrupt
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debt ...
. He rescued the company and acquired additional bus lines in the Ottawa area and Quebec City (including Quebec Autobus, Provincial Transport and Regional Transport). By 1968 the holding company which Desmarais had acquired three years earlier, Trans-Canada Corporation Fund (TCCF), owned the bus line Provincial Transport, an interest in Toronto-based Imperial Life Assurance and
Gesca Ltée
Gesca Limitée is a division of the Power Corporation of Canada, which published French-language daily newspapers in the provinces of Quebec and Ontario.
Gesca has since 2013 responded to the Internet challenge by expanding its free online servic ...
, (which had an interest in the Montreal paper
La Presse). That year TCCF made a share-exchange offer with Power Corporation of Canada, headquartered in Montreal, Quebec, whereby Paul Desmarais became chairman and
chief executive officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
and controlling shareholder.
He founded the
Canada China Business Council
The Canada China Business Council or CCBC (French: ''Conseil d'affaires Canada-Chine'', Chinese: ''加中贸易理事会'') is a private, non-profit business association founded in 1978 to facilitate and promote business, trade and investment betwe ...
in 1978.
Power Corporation of Canada
Taking advantage of the substantial investment of
Power Corporation of Canada
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 portfol ...
, Desmarais took control of a large pulp and paper company, Consolidated Bathurst (built since in Stone-Consolidated, then merged with Abitibi-Price Inc. to form Abitibi-Consolidated, then Abitibi-Bowater and Resolute). At the same time, under the leadership of Desmarais, Power Corporation of Canada continued to acquire control positions in
Great-West Life
The Canada Life Assurance Company, commonly known as Canada Life, is an insurance and financial services company with its headquarters in Winnipeg, Manitoba. The current company is the result of the 2020 Consolidation (business), amalgamation of T ...
and
Investors Group
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 portfo ...
which formed the basis of
Power Financial Corporation which was founded in 1984. Acquiring Trans-Canada Corporation Fund, Desmarais obtained the newspaper ''La Presse'' in 1968, which enabled him to gain experience in the field of print media in Canada. Then he looked for companies in Europe and he met the Belgian financier
Albert Frère
Albert, Baron Frère (4 February 1926 – 3 December 2018) was a Belgian billionaire businessman.
Early life
Frère grew up as a son of a nail merchant and helped in the business since an early age. His father died when Frère was 17; Frère h ...
to the board of directors of
Paribas
The Banque de Paris et des Pays-Bas (“Bank of Paris and the Netherlands”), generally referred to from 1982 as Paribas, was a French investment bank based in Paris. In May 2000, it merged with the Banque Nationale de Paris to form BNP Paribas. ...
. The two men discovered an alter ego, applying the same financial techniques: a friendly investment in substantial firms, some of which were experiencing financial hardship. Desmarais owned about 15% of
Groupe Bruxelles Lambert
Groupe Bruxelles Lambert (GBL), is a Belgian holding company invested in various sectors within companies that can be considered marketleaders and in which it can play an active role as a professional shareholder over the long term.
In the last ...
, a Belgian holding company, which in 2001 acquired a 25% interest in the German media company
Bertelsmann
Bertelsmann SE & Co. KGaA () is a German private multinational conglomerate corporation based in Gütersloh, North Rhine-Westphalia, Germany. It is one of the world's largest media conglomerates, and is also active in the service sector and ...
, whose subsidiaries include
BMG and
Random House
Random House is an American book publisher and the largest general-interest paperback publisher in the world. The company has several independently managed subsidiaries around the world. It is part of Penguin Random House, which is owned by Germ ...
(the German company Bertelsmann bought the 25% back in July 2006). Groupe Bruxelles Lambert currently holds positions in global industrial and services companies based in Europe including:
Imerys
Imerys S.A. is a French multinational company which specialises in the production and processing of industrial minerals. It is headquartered in Paris and is a constituent of the CAC Mid 60 index.
Imerys has operations in over 40 countries and ...
,
LafargeHolcim
Holcim is a Swiss-based global building materials and aggregates flagship division of the Holcim Group. The original company was merged on 10 July 2015 with Lafarge to form LafargeHolcim as the new company and renamed to Holcim Group in 202 ...
, adidas, SGS,
Pernod Ricard
Pernod Ricard () is a French company best known for its anise-flavoured pastis apéritifs Pernod Anise and Ricard Pastis (often referred to simply as ''Pernod'' or ''Ricard''). The world’s second-largest wine and spirits seller, it also produ ...
, Umicore, Ontex, GEA and Parques.
Politics
The Desmarais family enjoys connections to politicians worldwide. Critics charge that the family's
political
Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studies ...
connections provide it with unfair advantages in business.
According to a profile in ''
The Australian
''The Australian'', with its Saturday edition, ''The Weekend Australian'', is a broadsheet newspaper published by News Corp Australia since 14 July 1964.Bruns, Axel. "3.1. The active audience: Transforming journalism from gatekeeping to gatew ...
'', "Desmarais grew to command the intersection of Canadian business and politics through close relations with four prime ministers."
[Desmarais advances on Buffett zone](_blank)
''The Australian'', August 3, 2009. Desmarais was an advisor to Prime Minister
Pierre Elliott Trudeau
Joseph Philippe Pierre Yves Elliott Trudeau ( , ; October 18, 1919 – September 28, 2000), also referred to by his initials PET, was a Canadian lawyer and politician who served as the 15th prime minister of Canada from 1968 to 1979 and ...
.
Brian Mulroney
Martin Brian Mulroney ( ; born March 20, 1939) is a Canadian lawyer, businessman, and politician who served as the 18th prime minister of Canada from 1984 to 1993.
Born in the eastern Quebec city of Baie-Comeau, Mulroney studied political sci ...
worked as a labour lawyer for Desmarais before entering politics, and Desmarais named his then-employee
Paul Martin
Paul Edgar Philippe Martin (born August 28, 1938), also known as Paul Martin Jr., is a Canadian lawyer and politician who served as the 21st prime minister of Canada and the leader of the Liberal Party of Canada from 2003 to 2006.
The son o ...
as president of
Canada Steamship Lines Inc. (Power Corp.'s Great Lakes shipping subsidiary) in 1974 (Desmarais sold the company to Martin in 1981.)
Prime Minister
Jean Chrétien
Joseph Jacques Jean Chrétien (; born January 11, 1934) is a Canadian lawyer and politician who served as the 20th prime minister of Canada from 1993 to 2003.
Born and raised in Shawinigan Falls, Quebec, Chrétien is a law graduate from Uni ...
was related to Desmarais by marriage; Chretien's daughter France is married to Desmarais' son André.
Both Mulroney and Trudeau served on advisory boards for Power Corp. after leaving office.
According to ''Le Figaro'', Paul Desmarais Sr. was a close associate of former
French president
The president of France, officially the president of the French Republic (french: Président de la République française), is the executive head of state of France, and the commander-in-chief of the French Armed Forces. As the presidency is ...
Nicolas Sarkozy
Nicolas Paul Stéphane Sarközy de Nagy-Bocsa (; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012.
Born in Paris, he is of Hungarian, Greek Jewish, and French origin. Mayor of Neuilly-sur-Se ...
. Paul Desmarais Sr. and Sarkozy were together at the party at
Fouquet's
Fouquet's Paris is a historic high-end brasserie restaurant in Paris, France. It is located at 99 Avenue des Champs-Élysées and is part of Hotel Barrière Le Fouquet's Paris. The menu, designed in collaboration with Chef Pierre Gagnaire, con ...
to celebrate the election of the new president on May 6, 2007. In 2004, Nicolas Sarkozy was a guest at his estate in
Sagard
Sagard is a municipality in the Vorpommern-Rügen district, in Mecklenburg-Vorpommern, Germany.
History
Sagard is first mentioned in 1250 as ''Zagard''. The name of the municipality of Sagard comes from the Slavic and means something like '' ...
, in
Charlevoix
Charlevoix ( , ) is a cultural and natural region in Quebec, on the north shore of the Saint Lawrence River as well as in the Laurentian Mountains area of the Canadian Shield. This dramatic landscape includes rolling terrain, fjords, headlands ...
, a good distance from the
Saint Lawrence
Saint Lawrence or Laurence ( la, Laurentius, lit. "Laurel wreath, laurelled"; 31 December AD 225 – 10 August 258) was one of the seven deacons of the city of Rome under Pope Sixtus II who were martyred in the Persecution of Christians, perse ...
. ''«Quand tu entres dans la propriété, on t'ouvre un premier portail. Ensuite, tu dois faire des kilomètres et des kilomètres avant d'arriver au château...»'' ("When you enter the property, they open the first gate. Then you have to go kilometers and kilometers before arriving at the chateau...") Nicolas Sarkozy told about the fortitude of his friend Desmarais. Sophie Desmarais' ex-husband,
Eric Le Moyne de Sérigny, is also close to Nicolas Sarkozy, heads numerous companies, and was a member of the board of directors of
Imerys
Imerys S.A. is a French multinational company which specialises in the production and processing of industrial minerals. It is headquartered in Paris and is a constituent of the CAC Mid 60 index.
Imerys has operations in over 40 countries and ...
.
Desmarais was an opponent of the
Quebec sovereignty movement
The Quebec sovereignty movement (french: Mouvement souverainiste du Québec) is a political movement whose objective is to achieve the sovereignty of Quebec, a province of Canada since 1867, including in all matters related to any provision of ...
. On February 2, 2009, French President Nicolas Sarkozy made comments asking Quebec sovereigntists to focus on unity and not separation from Canada, and to put their goals of sovereignty on hold during tough economic times. This angered many sovereigntists who claimed that Sarkozy was acting under the influence of Desmarais.
Death
![HalfMastflagsLaPresseDesmarais](https://upload.wikimedia.org/wikipedia/commons/a/a4/HalfMastflagsLaPresseDesmarais.jpg)
Desmarais' funeral was a private event. A public memorial was held on December 3, 2013 at Notre-Dame Basilica in Montreal.
Many politicians, dignitaries and members of the business and cultural communities were present, including: Laurent Beaudoin, Robert Charlebois, Jean Chrétien, Bill Davis, Denis Coderre, Stephen Harper, Pauline Marois, Brian Mulroney, Bob Rae and Nicolas Sarkozy. Many testimonials were shared around the time of his death and the ceremony:
- George H. W. Bush: “Paul was that rarest of men, who possess not only the drive, the integrity and the vision to succeed spectacularly in business, but also a tremendous capacity for friendship. He was what I would call a true point of light, helping and usually leading many worthwhile causes. So, yes, I liked and I respected this good man immensely. At age 89 and a half, I recognize more than ever the importance and the blessings of friendship.”
- Bernard Landry: “We were totally opposed on many matters — the national fate of Quebec of course, the management of modern capitalism. But for many other things, internationalism, culture, we were on the same floor. And that’s why we remained friends.”
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
* LL.D., University of Moncton, Moncton, New Brunswick
* LL.D., Wilfrid Laurier University, Waterloo, Ontario
* D.Adm., University of Ottawa, Ottawa, Ontario
* LL.D., St. Francis Xavier University, Antigonish, Nova-Scotia
* LL.D., Laurentian University, Greater Sudbury, Ontario
* LL.D., McMaster University, Hamilton, Ontario
* Doctorate Honoris Causa, University of Montréal, Montréal, Québec
* LL.D., Memorial University Of Newfoundland, St. John's, Newfoundland
* LL.D., Concordia University, Montréal, Québec
* LL.D., McGill University, Montréal, Québec
* D.Adm., Laval University, Québec, Québec
* LL.D., University of Toronto, Toronto, Ontario
* LL.D., University of Manitoba, Winnipeg, Manitoba
Medals
Honours
References
External links
Order of Canada citation
{{DEFAULTSORT:Desmarais, Paul
1927 births
2013 deaths
Businesspeople from Greater Sudbury
Businesspeople from Quebec
Directors of Power Corporation of Canada
Members of the King's Privy Council for Canada
Officers of the National Order of Quebec
Grand Croix of the Légion d'honneur
Canadian university and college chancellors
Companions of the Order of Canada
Franco-Ontarian people
People in bus transport
University of Ottawa alumni
Canadian billionaires
The Carlyle Group people
Paul
Paul may refer to:
*Paul (given name), a given name (includes a list of people with that name)
*Paul (surname), a list of people
People
Christianity
*Paul the Apostle (AD c.5–c.64/65), also known as Saul of Tarsus or Saint Paul, early Chris ...
Canadian chief executives
Canadian chairpersons of corporations
Memorial University of Newfoundland faculty