Power Corp. of Canada has named James O’Sullivan as its next president and chief executive, effective July 1, succeeding Jeffrey Orr.
O’Sullivan is currently president and CEO of Power Corp. subsidiary IGM Financial Inc. He joined the firm in 2020, after nearly 30 years with Scotiabank, with experience overseeing its asset management, wealth management, personal and commercial banking, along with other business lines.
Orr, who’s been in his current role for six years, started his career with Power Corp. as president and CEO of IGM Financial in 2001. He will become vice-chair and stand for re-election to Power Corp.’s board of directors at the company’s annual meeting. He is also expected to continue to serve on the boards of IGM Financial, Great-West Lifeco and some of their subsidiaries.
The company says O’Sullivan will be nominated to the Power Corp. board and is expected to continue to serve on the boards of IGM Financial, Great-West Lifeco and some of their subsidiaries. It’s also expected that he will be appointed chair of the IGM Financial and Great-West Lifeco boards effective July 1, succeeding Orr in the roles.
O’Sullivan is also being appointed as president and CEO of Power Financial, a wholly-owned subsidiary of Power Corp., effective July 1.
In a release, André Desmarais said O’Sullivan is “an exceptional and highly capable leader who has significantly strengthened IGM Financial,” and is poised to build on Power Corp.’s strong performance. He’s credited with advancing IGM Financial’s strategy, client experience, financial performance and culture during his time with the firm.
The firm said he has “established a clear path to sustainable earnings growth, strengthened the strategic orientation across the two main pillars of wealth management and asset management, and championed strategic investments within each pillar.”
Damon Murchison in dual role
IGM says Damon Murchison, president and CEO of IG Wealth Management, will also become head of IGM Financial, effective July 1.
Murchison has headed up IG Wealth since 2020, and before that had senior sales and distribution roles with IGM Financial subsidiaries Mackenzie Investments, Manulife Financial and Fidelity Investments.
In a release, Orr said Murchison is the right leader to guide the next chapter of IGM’s growth, bringing “deep industry and organizational understanding, proven leadership, and a commitment to our clients and people.”
IGM has $316 billion in total assets under management and advisement.
In addition to Great-West Lifeco and IGM Financial, Power Corp. has stakes in European investment holding company GBL, alternative asset manager Sagard, Wealthsimple and others.