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Quebecor's Peladeau exits family business to enter politics

Second-generation Pierre Karl Peladeau has resigned as vice chairman and board member of Canadian family business Quebecor to stand in upcoming provincial elections for a local separatist party seeking independence from the North American country.

The family business head, who stepped down as chief executive of Quebecor in March last year, has also resigned from positions at two of its subsidiaries Quebecor Media and TVA Group.

He is to be replaced on the boards by Robert Dépatie - the non-family member who succeeded him as president and chief executive of Quebecor and Quebecor Media.

Parti Quebecois, which has led a minority government since the 2012 elections, advocates for secession from Canada to become an independent state.

Peladeau, who will stand in the electoral seat of Saint Jerome, told The Prince Arthur Herald he looked forward to campaigning on the economy, entrepreneurship and “creating wealth”, as well as political and economic separation from Canada.

Peladeau is to put his financial interests in Quebecor in a blind trust or under a blind management agreement if he is elected to Québec’s National Assembly on 7 April to avoid a conflict of interest.

The Peladeau family currently controls more than 70% of Quebecor’s voting rights.

In a statement, Quebecor said that the newsrooms of Quebecor Media would continue to operate fully independently and to defend the public interest.

Quebecor Media is one of the largest media operations in Canada. It has a stable of media companies, such as newspaper publisher Sun Media Corporation, telecommunications company Videotron and broadcaster TVA Group.

Quebecor reported revenues of CAD$4.28 billion (€2.79 billion) in 2013.

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