Power Corporation of Canada announced that Paul Desmarais, Jr. and André Desmarais to retire as Co-Chief Executive Officers of the company after 23 years in the roles and to continue to serve as Chairman and Deputy Chairman, respectively, of Power Corporation's Board of Directors. R. Jeffrey Orr, President and Chief Executive Officer of Power Financial, to become President and Chief Executive Officer of Power Corporation. The PFC Board formed a special committee of directors (the "Special Committee") comprised of Susan J. McArthur, Marc A. Bibeau and Siim A. Vanaselja to review and consider the reorganization, the terms of which were negotiated at arm's length with PCC.
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