This article was last updated on April 16, 2022
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Supposed head of the financial dynasty of Power Corp. and owner of La Presse, Paul Desmarais Sr., has passed away on Tuesday night at the age of 86. Mr. Desmarias was a close ally of numerous international presidents, premiers and prime ministers. He was born in Sudbury, Ont., in 1927, and attended the University of Ottawa. Forbes Magazine ranked Mr. Desmarais as the 4th wealthiest person in Canada, since his estimated net worth was calculated to be around $4.5 billion.
Official website of Power Corp. mentioned in a statement that “Mr. Desmarais acquired control of Power Corporation in 1968. Known for his vision, leadership and his innate sense of entrepreneurship and for his profound attachment to his country, Mr. Desmarais contributed greatly to turning Power Corporation into an international management and holding company with interests across North America, Europe and Asia.” Mr. Desmarais remained acting chairman and CEO of Power Corp. from 1968 to 1996, after which he passed the torch to his sons: Paul Jr., who became chairman and Co-CEO, while André became deputy chairman, president and Co-CEO.
However, Mr. Desmarais still had possession of controlling shares of the company until his death. Desmarais is now survived by his wife Jacqueline, his sons Paul Jr. and André, daughters Sophie and Louise, and many grandchildren. Last time the family was in the international news at the matrimonial ceremony of Mr. Desmarais’s 23-year-old granddaughter, Jacqueline-Ariadne Desmarais, with Belgian Prince, Hadrien de Croÿ-Roeulx, at Mary Queen of the World Cathedral on Sept. 7.
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