Major change at the head of Desjardins as of 2024

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Major change at the head of Desjardins starting in 2024

In 2023, Desjardins Group recorded assets of 407 billion.

The functions of chairman of the board of directors (Board of Directors) and president and chief executive officer of Desjardins Group will be separated as of 2024 in order to “evolve the governance model”, the cooperative announced on Saturday at the occasion of its annual general meeting.

Since 1994, the two positions have been combined into one, but this decision is not a step backwards, according to the CEO of Desjardins, Guy Cormier.

The essence of governance is to be adapted to the reality of its time, adapted to the situation, adapted to the will of members and delegates […]. Desjardins Group is very solid, he maintains.

In 2023, the cooperative recorded assets of 407 billion, which represents an increase of nearly 200 billion in 10 years.

The President and CEO of Desjardins Group, Guy Cormier, at the annual general meeting on Saturday.

The reflection had been launched several years ago, but the evolution of the needs of members and clients, the multiplication of distribution channels as well as legal and regulatory requirements finally caused a reorganization of responsibilities within the management.

One of the consequences of this is to always demand more from the person occupying the position of President and Chief Executive Officer. It therefore becomes advantageous for her to be released from the function of chairman of the board, can we read in the press release from the company.

This change will be implemented as of 2024 but will be officially effective in 2026.

Asked about the Legault government's latest budget and the tax cuts offered, Guy Cormier says he believes that elected officials have managed to find a balance in a difficult context.

The government is currently facing several demands. I think he has struck the right balance with tax cuts that will certainly benefit people who need support with the rising cost of living, he says. /p>

According to him, the economic context should improve in 2024.

According to information from < em>Louis-Simon Lapointe

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