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    PWF   CA73927C1005

POWER FINANCIAL CORPORATION

(PWF)
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Power Financial : Desmarais brothers to retire as Power Corp. co-CEOs as company restructures

12/13/2019 | 09:05am EDT

MONTREALPower Corp. says brothers Andre and Paul Desmarais Jr. will retire from their long-serving roles as co-CEOs of the management and holding company.

The Montreal-based company says the two, who have held the positions since 1996, will continue to play an active role in the governance of the company and maintain their positions as deputy chairman and chairman of the board.

Power Corp. says the board will appoint R. Jeffrey Orr, current president and chief executive of Power Financial Corp., as president and CEO of Power Corp.

The firm has also announced a major reorganization and simplification of its corporate structure by eliminating the dual-holding company structure to bring Power Financial Corp. into the fold of Power Corp.

Power Financial shareholders will be issued 1.05 Power Corp. shares and one cent for each of their shares.

The company says that along with the simplified structure, it plans to implement a significant near-term operating cost reduction plan, reduced financing costs, and a dividend increase.

This report by The Canadian Press was first published Dec. 13, 2019.

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2020 64 616 M 51 790 M 51 790 M
Net income 2020 2 046 M 1 640 M 1 640 M
Net Debt 2020 10 189 M 8 166 M 8 166 M
P/E ratio 2020 11,8x
Yield 2020 -
Capitalization 24 113 M 17 697 M 19 327 M
EV / Sales 2019 0,71x
EV / Sales 2020 0,53x
Nbr of Employees 28 400
Free-Float -
Income Statement Evolution
Managers and Directors
NameTitle
Robert Jeffrey Orr President, Chief Executive Officer & Director
Gregory Dennis Tretiak Chief Financial Officer & Executive Vice President
T. Timothy Ryan Director
Gary A. Doer Director
Siim Alden Vanaselja Director