This article was last updated on April 16, 2022
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Telecom and media giant Quebecor Inc. has announced to have brought in Former Prime Minister, Brian Mulroney, as its new chairman of the board, who is anticipated to hold greater responsibility as the company further distances itself from its controlling shareholder, Pierre Karl Péladeau.
Mr. Péladeau was successfully elected to the Quebec legislature in April. Many believe he is one of the top choices anticipated to lead the Parti Québécois after it lost power in the recent elections. Consequently, Péladeau’s political ambitions seemed to have been a hindrance in Quebecor’s efforts to expand its cellular business outside Quebec. Whereas on the other hand, Mr. Mulroney is deemed as a passionate federalist and is anticipated to easily smoothen the way in Ottawa, which regulates the cellphone industry. The change was disclosed by the company in its corporate filing on Wednesday, as it said that 75-year-old Mr. Mulroney will be named chairman of the board at Quebecor’s annual meeting next month. In addition to that, the filing also revealed Quebecor is paying its outgoing chief executive, Robert Dépatie, $7.8-million after he decided to resign for undisclosed health reasons in April.
Mr. Péladeau announced to step down from his position as the chairman of the company in March, i.e. the same time he announced plans to join politics. At the time, Péladeau vowed to place his financial interests in the company in a blind trust if elected, but still many question his influence and interest in the company.
Companies sure love their corrupt politicians !