Power Corp names James O'Sullivan as next CEO, Jeffrey Orr to become vice-chair

Power Corp names CEO

Photo: The Canadian Press

The Power Corporation of Canada logo is shown in this undated handout photo. THE CANADIAN PRESS/Handout, Power Corporation of Canada (Mandatory Credit)

Power Corp. of Canada has named James O'Sullivan as its next president and chief executive, effective July 1.

O'Sullivan is currently president and CEO of Power subsidiary IGM Financial Inc.

He will succeed Jeffrey Orr, who will become vice-chair and stand for re-election to Power's board of directors at the company's annual meeting. Orr 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 board and is expected to continue to serve on the boards of IGM Financial, Great-West Lifeco and some of their subsidiaries. It is 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, effective July 1.

IGM says Damon Murchison, president and CEO of IG Wealth Management, will also become head of IGM Financial effective July 1.