Second-generation Pierre Karl Peladeau is stepping down as chief executive of Canadian family business Quebecor, naming a non-family member as his replacement.
Peladeau, who held the chief executive role for 14 years, will now become vice-chairman of the media business founded by his father, Pierre.
He will also serve as chairman of the boards of QMI and of TVA Group, two subsidiaries the holding company controls through Quebecor Media. Quebecor holds a 75% stake in Quebecor Media.
Robert Depatie, president and chief executive of the company’s telecommunications arm Videotron, will replace Peladeau as president and chief executive of Quebecor and Quebecor Media in May.
Known for his hands-on approach to management and dedication to the job, Peladeau first joined the family firm in 1985.
“Simply put, for many years my life has been Quebecor,” he told analysts and investors on a conference call. “In most cases, to the exclusion of everything else.”
He is expected to spend more time with his family and on philanthropic activities.
However, the family is likely to retain its holding in the multi-billion-dollar company – Peladeau currently controls more than 70% of Quebecor’s voting rights, according to filings made last March.
Quebecor had revenues of Can$4.35 billion (€3.3 billion) in 2012.