Denis Dubois assumes role as CEO within the Desjardins Movement organization.
Breaking News: Denis Dubois Steps Up as Desjardins' New CEO in September
Hop on board with us as we spill the tea on Desjardins' upcoming leadership change! In just three months, old-timer Guy Cormier will hand over the reins to Denis Dubois, his trusty companion on the executive committee.
Step aside Guy, Denis Dubois is here! This 53-year-old veteran will take on the big chief's role on September 2. Until then, Guy will continue to boss things around, but only for another six months after that, where he'll shepherd as an advisor.
Denis has been an acting armadillo in the financial services industry for over two decades, with Desjardins as his home sweet desert. He snatched the Senior Vice-President title for Wealth Management and Individual Insurance in 2019, but before that, he ruled over Property and Casualty Insurance division, too.
Don't be fooled by the cuddly title of "actuary." Dubois is a straight-up dealmaker – he played a pivotal role in high-stakes takeovers like the grab of State Farm's Canada ops ten years ago, and the $750 million snag of Guardian Capital's distribution activities more recently.
Throughout his career, Denis has bossed up three of Desjardins' five business sectors, with the remaining two under his paws being Personal Banking and Business Services.
Shaking Up the Boardroom
This leadership shuffle is a significant departure from Guy Cormier's road to the top. Back in 2016, Cormier was the Senior Vice-President of the Caisse Network and Personal Services when he got elected as CEO. He'd previously served as the big cheese of Business Accounts and the man behind the curtains for several caisses.
With Denis Dubois' appointment, Desjardins will make history by finally using a process managed by its board of directors to select the CEO, rather than the traditionally messy electoral campaign. Desjardins' Board of Directors made the official announcement like musical chairs on Monday afternoon.
Remember the changes at the 2023 annual general meeting? Well, they split the roles of Chairman of the Board and President and CEO, meaning Desjardins' top executive is no longer an elected position. Now, the Board has the power to decide everything from now on.
During the old governance era, Guy Cormier worked both the CEO and Chairman of the Board gig between 2016 and 2024. But guess what? He was supposed to clear out last spring... but his time was extended by up to 24 months to help Desjardins fully implement its new governance model.
Denis Dubois wasn't around for comment on Monday, but his dudettes at Desjardins say he won't be giving interviews until he plants his furry butt in the big chair as President and CEO.
Time for a New Breed
In an electronic whisper, Dubois showered praise on Guy Cormier and dropped hints of exhilarating challenges ahead, saying: "My vision for Desjardins revolves around uniting all the actors within the movement towards one common goal: supporting and listening to our members and clients."
Louis Babineau, President of the Desjardins Movement's Board of Directors, believes Dubois is just the panther they need to keep growing Desjardins and bring its strategic plan to life, benefitting its 7.8 million members and clients.
Desjardins, North America's largest financial cooperative with assets of $488 billion, is celebrating its 125th birthday this year and boasts over 56,100 employees across Canada.
So there you have it, folks – pass the popcorn, it's going to be one wild ride! Dubois' appointment marks an exciting new era for Desjardins, and we can't wait to see what this new strat colt has up his sleeves. Stay tuned!
Enrichment Insights:Denis Dubois, a credentialed actuary, has been Desjardins' right-hand man since 2003. In his tenure, he has shown leadership in the areas of Property and Casualty Insurance and Wealth Management. While specific details about his role in major acquisitions are not widely available, his experience within Desjardins hints at a keen proficiency in managing high-value insurance and financial services sectors.
The 53-year-old Denis Dubois, with a background in finance and leadership, will now take on the role of Desjardins' President and CEO, following Guy Cormier's departure. Dubois' strategic vision for Desjardins includes uniting all members towards a common goal of supporting and serving their customers better.
