Thursday, September 08, 2011

Isabelle Marcoux to succeed father Remi as chair of Transcontinental Inc.

Remi Marcoux, the chair of Transcontinental Inc., will be stepping down effective with the company's annual general meeting in February, to be succeeded by his daughter Isabelle, who is at present vice-chair and vice-president of corporate development. The retirement is consistent with a number of steps that have been taken in recent years to ensure succession in the family-dominated company. A story in the Montreal Gazette says
Marcoux, 71, has been gradually handing the reins to Isabelle and husband and CEO François Olivier in recent years. Transcontinental will remain very much a family-run publishing, printing and media and communications marketing group with 10,500 employees.
Isabelle Marcoux, who studied law at the Université de Montréal and later joined McCarthy Tetrault LLP, switched to the family firm in 1997 and has been vice-chair since 2007 while continuing as vice-president of strategic development.
Marcoux said Isabelle “will lead the board with energy, vision and discipline,” but added that while he wants to slow down, he’ll “continue to monitor the business.” He will remain a director.
Ms Marcoux was named vice-chair of Transcon in April of 2007.  Her husband, Francois Olivier was appointed president and CEO in February 2008. Her brother, Pierre, was named senior vice-president business and consumer solutions group in 2009, responsible for the consumer publishing operations of Transcontinental Media.
It's not known if assuming the chair at Transcon will affect Isabelle Marcoux's membership on the board of Rogers Communications Inc.  Transcon is Rogers ' principal printer for its consumer magazines, which rank second only behind the consumer magazine operation of Transcontinental Media. 
The company has done a good deal of rationalization in the past few years, particularly in the printing sector which represents three quarters of Transcontinental's activity. 
Revenues in the third quarter ended July 31 were slightly below analysts' forecasts, but rose two per cent year-over-year to $493 million and adjusted earnings (excluding one-time items) were $32.8 million, or 40 cents a share, down two per cent from $33.4 million, or 41 cents a share, a year earlier. Magazine advertising (Transcontinental is Canada's largest consumer magazine publisher) fell 10 to 15 per cent, but digital media improved and the company said it will continue to invest in it. 
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