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Paul DesmaraisMontreal's Biggest Financier
Date of Birth: 04.01.1927
Country:  Canada |
Content:
- Early Life and Education
- Entry into the Business World
- Expansion and Acquisitions
- Power Corporation and International Investments
- Political Connections and Controversies
- Sale of Power Corporation and Political Engagement
- Later Years and Legacy
Early Life and Education
Paul Desmarais was born on January 4, 1927, in Sudbury, Ontario, Canada. He attended the University of Ottawa and McGill University, where he earned degrees in accounting.
Entry into the Business World
After completing his education, Desmarais began his career at the accounting firm Courtois. He later returned to his hometown of Sudbury to take over the family business, a transportation and bus service.
Expansion and Acquisitions
In 1951, Desmarais began acquiring bus routes in cities such as Ottawa and Quebec, including suburban services. In 1965, he acquired the holding company Trans-Canada Corporation Fund (TCCF). Three years later, TCCF acquired interests in the Toronto stock exchange and the newspaper La Presse.
Power Corporation and International Investments
In 1968, TCCF merged with Montreal-based Power Corporation. Desmarais became chairman and CEO of Power Corporation, which held stakes in companies such as Groupe Bruxelles Lambert in Belgium and Bertelsmann Media Group in Germany. Through Groupe Bruxelles Lambert, Desmarais also had an indirect stake in the French oil company Total.
Political Connections and Controversies
Desmarais was known for his close relationships with high-profile politicians, including former Canadian Prime Ministers Brian Mulroney and Jean Chrétien, as well as former U.S. Presidents George H. W. Bush and George W. Bush, and former French President Nicolas Sarkozy. He was also accused of having business ties to former Iraqi President Saddam Hussein.
Sale of Power Corporation and Political Engagement
In 1974, Paul Martin Jr. was appointed president of Power Corporation. In 1981, Desmarais sold the company to Laurence Pathy and Martin. He subsequently focused on political advocacy, becoming a staunch opponent of Quebec's sovereigntist movement.
Later Years and Legacy
Desmarais currently serves as chairman emeritus of the Carlyle Group. He has two sons, Paul and André, and two daughters, Sophie and Louise. The University of Ottawa named a building after him in recognition of his $15 million donation to the institution.
