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Paul Desmarais, one of Canada's most powerful businessmen and a self-made billionaire who befriended prime ministers and presidents, has died.
Desmarais, who transformed an ailing family-owned Sudbury bus company into a $33-billion conglomerate that straddled the world, was 86.
A shrewd entrepreneur and acquisitor, Desmarais was the long-standing CEO and chairman of Montreal-based Power Corp., the industrial and financial juggernaut, from when he took control in 1968 until well after he handed over its day-to-day management to his two sons, Paul Jr. and André, in 1996.
With an estimated personal net worth of around $4.4 billion, he was ranked the seventh-richest Canadian by Canadian Business magazine in 2012 and continued to draw a salary as chairman of Power Corp.'s executive committee.
A key member of Canada's financial elite, Desmarais was a friend and patron of a series of Quebec premiers and at least four Canadian prime ministers, namely, Pierre Trudeau, Brian Mulroney, Jean Chrétien and Paul Martin.
reply to post by boncho
His disciple is Maurice Strong. One of the hand maidens of the Global Elite.