Yvon Bolduc, president and CEO of the Montréal-based Fonds de solidarité des travailleurs du Québec FTQ, will leave his post on March 31, after leading the labour-sponsored private equity and venture capital firm for the past eight years. The Fonds de solidarité FTQ’s board of directors has launched a process to nominate a new president and CEO. Separately, the Fonds de solidarité FTQ announced that Robert Parizeau has been appointed to its board, and that he will assume the role of board president in May.
Departure of the Fonds de solidarité FTQ President and CEO
Montreal, February 6, 2014 – The Interim President of the Board of Directors of the Fonds de solidarité FTQ, Mr. Daniel Boyer, announces that the Fonds de solidarité FTQ will soon bring to an end the employment contract of the President and CEO, Mr. Yvon Bolduc. The parties have agreed on March 31 as the date of termination.
“I would like to thank Yvon for his years at the head of the Fonds, during which he oversaw nearly eight years of growth, in particular increasing its assets from 6.6 to 9.7 billion dollars while obtaining an excellent performance to the benefit of our shareholders,” said Mr. Boyer. “It is our conviction that Yvon has always acted in good faith, with integrity, with great skill and to the best of his knowledge, while always maintaining the organisation’s best interests. However, in the context of the announcement with respect to new governance, the time has come to bring a new face to the Fonds leadership, a leadership that must meet new challenges while continuing to accomplish its socio-economic mission as it has done for 30 years now. I would like to thank Yvon for having accepted to remain in his position until March 31 to ensure an orderly transition,” continued Mr. Boyer.
Mr. Bolduc extended his gratitude to the Board of Directors and the Fonds employees. “It was my great privilege to contribute to growing the Fonds, and for the past 12 years to support not only the nearly 600,000 shareholders who count on the Fonds to build their retirement savings, but also the 2,400 Fonds business partners throughout Québec who drive the province’s economy,” said Mr. Bolduc. “I leave with the conviction that all that we have experienced, most particularly the improvements made to our governance in 2009, has enabled the Fonds to change its culture for the better. And that the journey these past few years has been meaningful both for its financial results, with ten consecutive positive semesters that generated over 2.5 billion dollars in profits during this 5-year period, and in terms of the quality of the investments and integrated asset management. I am proud to leave a financially strong Fonds with a devoted, experienced and talented management team, and I am convinced that they will brilliantly meet all the challenges to come,” concluded Mr. Bolduc.
The Fonds will respect its termination standards and Mr. Bolduc’s employment contract, which provides for the payment of two years’ severance to be fully paid to him upon his departure.
The Board of Directors of the Fonds now institutes a process to nominate a new president and chief executive officer.
Photo of Yvon Bolduc courtesy of the Fonds de solidarité FTQ