Pierre Karl Péladeau returns to Quebecor as CEO

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WATCH ABOVE: Fighting back tears, Parti Québécois leader Pierre Karl Péladeau, announced in May 2016 he is quitting politics. As Global's Raquel Fletcher reports, he said he made the "agonizing decision" for his children – May 2, 2016

Quebecor has announced that Pierre Karl Péladeau is resuming his role as president and CEO, effective immediately.

Péladeau, 55, was president and CEO of the company established by his father, Pierre, from 1999 to 2013 but stepped down when he decided to run for the Parti Québecois (PQ) leadership in 2014.

Péladeau resigned in May 2016, saying he had to choose between his family and his political life.

“I chose my family,” he said in May of last year.

“I am immediately quitting as Parti Québécois leader, the official opposition, and as the representative of Saint-Jérôme.”

He was replaced by Jean-François Lisée.

READ MORE: As PKP quits politics, others jockey for Parti Québécois leadership

Pierre Dion, who has held the position since April 2014, has been appointed chairman of the board of Quebecor Media and a director of Quebecor.

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“I am very pleased to return to the helm of Quebecor,” Péladeau said in press release.

READ MORE: The vote is in: Jean-François Lisée is the new head of the PQ

“The corporation is dear to my heart, it is in sound financial health, and has grown steadily in recent years. I’d like to express my gratitude to Pierre Dion for his hard work and exemplary leadership, and to the entire management team.”

“Pierre has been with the company since 2004 and has been a trusted colleague of mine for over 10 years. I’m looking forward to working with him again.”

Former prime minister Brian Mulroney remains Quebecor’s chairman of the board.