Big shakeup at Transcon: Prefontaine out

It was announced, suddenly, today that André Préfontaine is out as President of Transcontinental Media. Also leaving is Daniel Denault, the Chief Financial officer. Prefontaine had been with the company 10 years; Denault 8.

The partial text of the company release is as follows:

Change in Transcontinental management
MONTREAL, Jan. 23 /CNW Telbec/ - Transcontinental Inc. today announced the departure of André Préfontaine, president of Transcontinental Media, its publishing and distribution subsidiary. The transition will be handled by Luc Desjardins, president and chief executive officer, who will take over in the interim. The Corporation also announced the resignation of Daniel Denault, chief financial officer, who has chosen to take up new challenges with a different company. Mr. Denault will remain with the company until February 17, when Benoît Huard, corporate treasurer since 2002, will be appointed interim CFO. Mr. Huard has held a number of top positions in the financial management of major public corporations over the course of his career.
"André Préfontaine and Daniel Denault have contributed to the company's success for ten and eight years respectively," said Luc Desjardins. "I've worked with both of them a great deal and have appreciated their personal and professional qualities. They have both established solid teams with whom we can pursue our growth. On behalf of senior management, I thank them for their contribution and wish them every success in their future projects."

UPDATE: It's anyone's guess what the Canadian Club will do: Préfontaine, who is also the Chair, Canadian Press, was scheduled to speak at noon on Tuesday, February 7, 2006, at the Fairmont Royal York Hotel, Imperial Room on the topic From Gutenberg to Google: How new media are changing the message.

Afterthought: You don't suppose Préfontaine's departure had anything to do with missing out on the Hollinger package? (see post)

Further UPDATE: Bombardier Recreational Products Inc., the closely held former unit of Bombardier Inc. said on Monday that Denault had been appointed its chief financial officer, effective February 20. There was no word on where Préfontaine was going.

Further, further UPDATE: Mastheadonline reports that matters came to a head at a meeting on the weekend at which CEO Luc Desjardins and Préfontaine agreed to disagree. Somebody had to go and it wasn't Desjardins. The seismic effects (Préfontaine having to resign from the Magazines Canada board and its task force on the newsstand and the chairmanship of Canadian Press) were probably not factored in, but will have a significant impact.