QUEBEC – The Parti Quebecois government has appointed outgoing Quebecor (TSX:QBR.B) chief executive Pierre Karl Peladeau as chairman of Hydro-Quebec.
The businessman was appointed during a special cabinet meeting.
Premier Pauline Marois says Peladeau has refused any remuneration once he takes the position next month after he steps down from the media conglomerate.
The position normally pays $125,000 a year.
Marois also says Peladeau has ensured that he won’t have any conflicts of interest from his ongoing role at the media and telecommunications company.
Peladeau takes over his new functions May 15.
“If indeed there were cases where he could risk being in a conflict of interest, of course at that time he will indicate that and withdraw from decisions that might be likely to lead to conflicts of interest,” she told reporters.
Marois said Peladeau’s appointment is part of a process to revise the utility’s strategy.
Thierry Vandal remains chief executive at the company.
She said no other candidate was considered and that the decision was made by Natural Resources Minister Martine Ouellet.
The high profile and sometimes controversial CEO of Quebecor Inc. (TSX:QBR.B) announced last month he was stepping down to have more personal time, but would remain chairman of one of its main subsidiaries, Quebecor Media and TVA Group.
The division includes newspapers hit by weak advertising and recent layoffs.
Quebecor’s majority shareholder will also be vice-chairman of the overall business.
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