Paul Desmarais

Early Life and Career Beginnings

Paul Desmarais was born in Sudbury, Ontario, to lawyer Jean-Noël Desmarais and Lébéa Laforest. His family had deep roots in Quebec and northern Ontario, with his grandfather, Noël Desmarais, founding the town of Noëlville, now part of the municipality of French River. After earning a Bachelor of Commerce degree from the University of Ottawa in 1949, Desmarais attended Osgoode Hall Law School before returning to Sudbury. His business career began in earnest when he took over the struggling Sudbury Bus Lines Limited, a company founded by his grandfather that had been restructured from the remnants of the Sudbury and Copper Cliff Suburban Electric Railway. The company was sold to him for a symbolic one dollar because it was almost insolvent. Desmarais successfully rescued the bus line, demonstrating an early aptitude for turnaround management. He subsequently expanded his transportation holdings by acquiring additional bus lines in the Ottawa area and Quebec City, including Gatineau Bus Lines, Quebec Autobus and Provincial Transport.

This period in the late 1950s and early 1960s established the foundational business acumen that would define his career. By 1964, he had acquired Gelco Enterprises, originally the Gatineau Electric Company. His strategic vision expanded significantly in 1965 when he purchased Trans-Canada Corporation Fund (TCCF), his first major holding company. Through TCCF, Desmarais gained control of significant assets including the Montreal French-language newspaper La Presse, the radio station CKAC, and the Toronto-based Imperial Life Assurance Company. He also gained control of Gesca Ltée, the publisher of La Presse. This move marked his entry into the media and financial services sectors, setting the stage for his most consequential business manoeuvre just a few years later. By 1968, TCCF owned Provincial Transport, an interest in Imperial Life, and Gesca Ltée.

Leadership of Power Corporation of Canada

In 1968, Paul Desmarais executed a share-exchange offer between his Trans-Canada Corporation Fund and the Montreal-based Power Corporation of Canada. This transaction resulted in Desmarais becoming the chairman, chief executive officer and controlling shareholder of Power Corporation, a position he held until 1996. Under his leadership, Power Corporation was transformed into one of Canada's principal conglomerates, with a strategy focused on acquiring controlling positions in substantial firms, sometimes those experiencing financial difficulty. One of his early major actions was taking control of the large pulp and paper company Consolidated Bathurst, which later became part of Stone-Consolidated, then merged with Abitibi-Price Inc. to form Abitibi-Consolidated, later Abitibi-Bowater and finally Resolute Forest Products.

Desmarais's tenure was characterized by strategic expansion both domestically and internationally. He acquired control positions in Great-West Life and Investors Group, which formed the core of Power Financial Corporation, a subsidiary he helped found in 1984. His European strategy was shaped by a partnership with Belgian financier Albert Frère, whom he met on the board of Paribas. Together, they applied similar investment techniques through the Belgian holding company Groupe Bruxelles Lambert, in which Desmarais owned about 15 percent. This partnership gave Power Corporation interests in major European industrial and service companies. In 2001, Groupe Bruxelles Lambert acquired a 25 percent interest in the German media giant Bertelsmann, which owned BMG and Random House, though Bertelsmann bought this stake back in 2006. The group's holdings later included Imerys, LafargeHolcim, adidas, SGS, Pernod Ricard, Umicore, Ontex, GEA and Parques.

Business and Family Legacy

Paul Desmarais began the process of succession planning in the mid-1990s, preparing his sons to take over the family business. In 1996, he passed the reins of Power Corporation's management to his sons, Paul Jr. and André, who were appointed co-chief executive officers. Desmarais Sr. remained a director and chairman of the executive committee of the board, retaining his role as the controlling shareholder until his death in 2013. His son Paul Desmarais Jr. became Chairman of Power Corporation in 1996 and served as its Co-Chief Executive Officer from 1996 until his retirement from that position in February 2020. Paul Jr. joined Power Corporation in 1981, helped found Power Financial in 1984, and became its President and Chief Operating Officer in 1986. He served as Executive Chairman of Power Financial from 1990 to 2005, Chairman of its Executive Committee from 2005 to 2008, and Executive Co-Chairman from 2008 to 2020.

The third generation of the family is also actively involved in the business empire. Paul Desmarais III, the grandson of Paul Sr., is the Chairman and CEO of Sagard Holdings, a global multi-strategy alternative asset manager with about $46 billion in assets. He is also the Executive Chairman and Co-Founder of Portag3 Ventures and the Chairman and co-founder of Diagram. Within these portfolios, he is Chairman of Wealthsimple, Dialogue, and Peak Achievement Athletics and a director of KOHO Financial. He serves as a Senior Vice-President of Power Corporation and Power Financial and sits on the boards of Personal Capital, Pargesa, Groupe Bruxelles Lambert, and Imerys. Prior to these roles, he worked at Goldman Sachs, Imerys in supply chain management, and Great-West Lifeco in risk management. This intergenerational continuity has ensured the Desmarais family's enduring influence over one of Canada's most significant corporate groups. The family's control is maintained through the Desmarais Family Residuary Trust, of which Paul Desmarais Jr. is a trustee.

Philanthropy and Civic Contributions

Paul Desmarais was a dedicated philanthropist, making substantial, often anonymous, contributions to Canadian institutions in the arts, education, health and social services, including support for the homeless. His philanthropic philosophy was rooted in a sense of obligation to contribute broadly to society. Following his death, Prime Minister Stephen Harper noted Desmarais would be remembered for his leadership, philanthropy, community involvement and his attachment to his country. Many institutions that benefited from his generosity paid tribute, with McGill University stating he felt an obligation to contribute to broader society in many different ways and that society was richer for it.

His legacy is physically embodied in several major Canadian buildings that bear his family's name, funded by his donations. These include the Jean-Noël Desmarais Pavilion at the Montreal Museum of Fine Arts, opened in 1991, and the Paul-G.-Desmarais Pavilion at the Université de Montréal, which opened in 1996. The University of Ottawa's Desmarais Building, opened in 2007, also resulted from his support for higher education. Beyond these capital projects, Desmarais also contributed to his personal community, funding the construction of a yellow, wooden Roman Catholic church for the small hamlet of Sagard, Quebec, in 2005. The hamlet had a population of about 260 people and was the location of the family's 75-square-kilometre estate, Domaine Laforest.

Political Connections and Views

The Desmarais family developed extensive connections with political leaders in Canada and abroad, a fact that drew both influence and scrutiny from critics who charged it provided unfair business advantages. Desmarais Sr. was an advisor to Prime Minister Pierre Elliott Trudeau and maintained close relations with several of his successors. Brian Mulroney worked as a labour lawyer for Desmarais before entering politics, and both Mulroney and Trudeau later served on advisory boards for Power Corp. after leaving office. Paul Martin, a future prime minister, was named president of Power Corporation's Canada Steamship Lines subsidiary in 1974, before Desmarais sold the company to him in 1981. The family connection was further cemented when Desmarais's son André married France Chrétien, the daughter of Prime Minister Jean Chrétien.

Desmarais was a staunch opponent of the Quebec sovereignty movement, advocating for Canadian unity. His political network extended internationally, notably to France, where he was a close associate of former President Nicolas Sarkozy. Sarkozy was a guest at the Desmarais estate in Sagard in 2004, and he attended the party at Fouquet's to celebrate Sarkozy's election on May 6, 2007. In 2009, Sarkozy publicly urged Quebec sovereigntists to focus on unity and not separation, and to put sovereignty goals on hold during tough economic times, comments many sovereigntists attributed to Desmarais's influence. These deep political ties were part of what a profile in The Australian described as commanding the intersection of Canadian business and politics. Former Quebec Premier Bernard Landry, a political adversary, noted after Desmarais's death that despite their total opposition on Quebec's national fate and capitalism, they remained friends due to shared views on internationalism and culture.

Honours and Awards

Paul Desmarais received numerous state honours and awards from Canada, Quebec, Belgium and France, recognizing his business leadership and philanthropy. His decorations reflect both his national stature and his international business footprint. In Canada, he was appointed an Officer of the Order of Canada in 1978 and promoted to Companion, the order's highest level, in 1987. He was made an Officer of the National Order of Quebec in 1988. In 1992, he was sworn into the Queen's Privy Council for Canada, granting him the title The Honourable and the post-nominal letters P.C.

Internationally, he was recognized by Belgium and France for his role in fostering economic ties. Belgium appointed him a Commander of the Order of Leopold II in 1991. France awarded him the Grand Cross of the National Order of the Legion of Honour in 2008, one of that country's highest distinctions. Beyond state honours, he received the University of Ottawa's Distinguished Canadian Leadership Award in 2007 and was named a Grand Montréalais in 1984. His son, Paul Desmarais Jr., continued this tradition of recognition, being named an Officer of the Order of Canada in 2005, an Officer of the Ordre national du Québec in 2009, and a Chevalier de la Légion d'honneur in 2012. Paul Jr. also received the Insigne d'Officier de l'Ordre de la Couronne from Belgium in 1994, the Executive of the Year Award from the Academy of International Business in 2005, and was inducted into the Order of the Canadian Business Hall of Fame in May 2022.

• 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)

Personal Life and Death

Paul Desmarais married Jacqueline Maranger, also from Sudbury, in 1953. The couple had four children: sons Paul Jr. and André, and daughters Louise and Sophie. His brother Louis Desmarais and brother Jean Noël Desmarais were involved in federal politics. The family maintained a significant private estate named Domaine Laforest in Sagard, Quebec, a vast property exceeding 75 square kilometres in the Charlevoix region between the villages of Saint-Siméon and Petit-Saguenay. They also owned secondary homes in Palm Beach, Florida and New York at the time of his death. Desmarais passed away at his Sagard estate on 8 October 2013 at the age of 86. His funeral was a private family event, followed by a public memorial service held at Notre-Dame Basilica in Montreal on 3 December 2013.

The memorial was attended by a wide array of prominent figures from politics, business and culture, reflecting Desmarais's broad influence. Attendees included former Prime Ministers Jean Chrétien and Brian Mulroney, then-Prime Minister Stephen Harper, Quebec Premier Pauline Marois, Montreal Mayor Denis Coderre, former Ontario Premier Bill Davis, former Ontario Premier Bob Rae, former French President Nicolas Sarkozy, and business and cultural figures like Laurent Beaudoin and Robert Charlebois. The service served as a public recognition of his impact as a builder of Canadian industry, a generous philanthropist and a committed citizen. His death marked the end of an era for one of Canada's most powerful business dynasties, but the family's control and leadership of Power Corporation continued through the next generation.

Honorary Degrees and Board Affiliations

In recognition of his contributions to business and society, Paul Desmarais was awarded numerous honorary degrees from universities across Canada. These honours typically celebrated his leadership in the corporate world and his philanthropic support for education. The universities represented a geographic cross-section of the country, from Memorial University in Newfoundland to the University of Manitoba in the west. The most common honour was a Doctor of Laws (LL.D.), though he also received Doctorates of Administration (D.Adm.) and a Doctorate Honoris Causa from the Université de Montréal. His son, Paul Desmarais Jr., also holds a number of honorary doctorates. Beyond academia, both Desmarais Sr. and Jr. held significant positions on international advisory boards. Paul Desmarais Jr. is a member of the International Council of INSEAD, Chairman of the Board of governors of the International Economic Forum of the Americas, and a Senior Trustee of the International Advisory Council of the Brookings Institution. He is also a member of the Global Board of Advisors of the Council on Foreign Relations, a member of the Global Advisory Council of Harvard, and a member and former Chairman of the Business Council of Canada.

• 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

Corporate Directorships and European Roles

The Desmarais family's corporate influence extended through an extensive network of directorships in Power Corporation group companies and major European holdings. Paul Desmarais Jr. is a director of many Power group companies in North America, including Great-West Lifeco, Canada Life, IGM Financial, IG Wealth Management and Mackenzie Inc. In Europe, his role has been particularly significant at Groupe Bruxelles Lambert (GBL), the Belgian holding company that was central to the family's European strategy established by his father. Paul Desmarais Jr. served as Chairman of the Board of GBL from 2019 until 2025, and assumed the role of Vice-Chairman of the board in 2025. He has also held directorships in a range of other global companies linked to the Power and GBL portfolios.

These directorships have evolved over time as holdings were restructured or sold. Paul Desmarais Jr. was a director of Empower and Putnam Investments until 2023, and a director of SGS SA until 2023. He was a director of LafargeHolcim Ltd. until 2020, of Total SA until 2017, and of GDF Suez until 2014. His earlier European board roles included Imerys S.A., where he served as a director until 2008, and Pargesa Holdings SA, where he was a director until November 2020. Paul Desmarais III also holds board positions, including at Groupe Bruxelles Lambert and Imerys. This web of directorships shows the family's hands-on approach to managing their international investment portfolio and their sustained presence in the boardrooms of some of the world's largest industrial and financial service companies.

Questions about Paul Desmarais

What was Paul Desmarais's net worth?

Paul Desmarais had an estimated family net worth of US$4.5 billion as of March 2012. This wealth placed him among the richest individuals in Canada. In 2013, Forbes ranked him as the fourth wealthiest person in the country and the 235th wealthiest in the world. His fortune was derived from his controlling ownership of Power Corporation of Canada and its vast network of subsidiaries and investments in financial services, media and industrial holdings across North America and Europe. The wealth has been managed through structures like the Desmarais Family Residuary Trust.

How did Paul Desmarais start his business career?

Desmarais's business career began in Sudbury, Ontario, when he took over the nearly insolvent Sudbury Bus Lines Limited, a company restructured from his grandfather's Sudbury and Copper Cliff Suburban Electric Railway. It was sold to him for a symbolic one dollar because it was almost insolvent. He successfully turned the bus company around and used it as a springboard to acquire additional transportation lines in Ottawa and Quebec, including Gatineau Bus Lines, Quebec Autobus and Provincial Transport. This early experience in managing and consolidating transportation assets provided the capital and expertise for his later acquisition of the holding company Trans-Canada Corporation Fund in 1965.

What is Power Corporation of Canada and what was Desmarais's role?

Power Corporation of Canada is a diversified international management and holding company with interests in financial services, asset management, sustainable and renewable energy and other business sectors. Paul Desmarais took control of the company in 1968 through a share-exchange with his Trans-Canada Corporation Fund. He served as its chairman and chief executive officer until 1996, building it into a corporate giant with subsidiaries like Power Financial Corporation. After 1996, he remained chairman of the executive committee and controlling shareholder until his death. The company's principal subsidiaries include Square Victoria Communications Group, Power Financial Corporation and Power Energy Corporation.

What were Paul Desmarais's major philanthropic contributions?

Desmarais was a significant philanthropist, making substantial, often anonymous, donations to Canadian institutions in the arts, education, health and support for the homeless. His most visible contributions are buildings named in his honour, including the Jean-Noël Desmarais Pavilion at the Montreal Museum of Fine Arts opened in 1991, the Paul-G.-Desmarais Pavilion at the Université de Montréal opened in 1996, and the Desmarais Building at the University of Ottawa opened in 2007. He also funded the construction of a yellow, wooden Roman Catholic church for the community of Sagard, Quebec, in 2005. His giving reflected a commitment to enriching Canadian society.

How is the Desmarais family connected to Canadian politics?

The Desmarais family cultivated close relationships with multiple Canadian prime ministers across party lines. Paul Desmarais Sr. was an advisor to Pierre Trudeau. Brian Mulroney worked as his labour lawyer before entering politics, and both later served on Power Corp. advisory boards. He appointed Paul Martin as president of Canada Steamship Lines in 1974 and sold him the company in 1981. His son André is married to France Chrétien, daughter of Prime Minister Jean Chrétien. These connections, while highlighting the family's influence at the intersection of business and politics, also attracted criticism. Desmarais was a known federalist and opponent of Quebec sovereignty.

Who runs Power Corporation of Canada now?

Following Paul Desmarais Sr.'s retirement from daily management in 1996, leadership passed to his sons. Paul Desmarais Jr. served as Co-Chief Executive Officer of Power Corporation from 1996 until his retirement from that role in February 2020, and remains its Chairman. He also chairs Power Financial Corporation. The third generation is also involved, with Paul Desmarais III serving as Chairman and CEO of Sagard Holdings, an alternative asset manager within the Power group, and as a Senior Vice-President of Power Corporation and Power Financial. The family maintains control through the Desmarais Family Residuary Trust, and Paul Desmarais Jr. is a trustee.

Sources and further reading

• Paul Desmarais (Wikipedia)
• Paul Desmarais Jr. (greatwestlifeco.com)
• Paul Desmarais, Jr. (powercorporation.com)
• Paul Desmarais III (montreal-wealth.com)
• Paul Desmarais (thecanadianencyclopedia.ca)

Checked by the Yadude Books desk. Last updated 2026-10-28.