Vice Presidents at Investissement Québec | A 1.4 million household with eight departures

The repositioning of Investissement Québec (IQ) and the arrival of Guy LeBlanc at the helm in 2019 led to a senior management purge at Crown Group that cost 1.4 million in severance pay and resulted in the departure of eight vice presidents.

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Julian Arsenal

Julian Arsenal
The press

This portrait was painted by the Québec government’s Treasury Department in a recent response to an inquiry under the Law on Access to Documents of Public Bodies and Protection of Personal Data.

The departures were staggered between 2019 and 2022.

“All of these changes came in a context where we were changing IQ’s mandate from the top down,” said organization spokesperson Gladys Caron. There were voluntary resignations. Jobs have also been eliminated. »

These numerous changes come on top of a compensation reform that has allowed public body employees to receive more generous annual bonuses. Last year it was 12 million – a peak value.

The most recent departure came last April, when Alexandre Sieber relinquished his position as senior vice president of corporate finance — a role he had held since 2019 — by “mutual understanding,” Alexandre Sieber Because we.

“About March it was agreed that he would leave the organization as his mandate was fulfilled by mutual consent,” she said.

Mr. Sieber was still entitled to a $379,000 settlement.

The most generous bonus was paid to Paul Buron, formerly in charge of government programs. He had been paid $425,000, which was roughly equivalent to a year’s salary.

Another face

IQ’s repositioning mandated by the Legault government has greatly increased the size of the state-owned company, which now monopolizes resources that were scattered throughout the government apparatus. The latter, for example, has swallowed up the Industrial Research Center of Quebec (CRIQ) and the regional offices of the Ministry of Economy and Innovation.

Two of the eight Vice Presidents who are no longer with IQ did not receive a bonus upon their departure. They are Iya Touré, who was at the helm of Resources Québec, and Éric Dequenne, formerly in charge of international affairs. The first has been Delegate General of Quebec in Dakar since 2020, while the second has held the position of Deputy Assistant Minister for Economic and Interministerial Relations at the Ministry of International Relations and La Francophonie since October 2019.

A realignment and the arrival of a new president can lead to change in general, admits Ivan Tchotourian, a professor specializing in governance at Laval University. In the case of IQ, the expert proceeds with a caveat.

“Eight is a big number in senior management,” he said. There is a household. We want to break with the past. Granting so much money to change direction must be justified. »

Mr. Tchotourian believes that after the many departures since 2019, we can rightly expect more stability at IQ.

Yan Cimon, a professor at Laval University’s management department, does not know what awaits the state’s financial arm in the coming years. Overall, a trend can be observed after several changes, says the expert.

“When there are significant strategic changes over time, there is often a tendency to stabilize in senior management positions,” explains Mr. Cimon. It is not uncommon to see some rotation in these roles. There is a race for quality managers. »

In 2021-22, IQ returned 7.6%. That performance is a far cry from the 25% return it posted last year, a time when stock markets were swept up.

With William Leclerc, The press

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  • 1100
    This is the number of employees at Investissement Québec as of March 31st. In 2019, the state-owned company had 534.

    Investment Quebec

    IQ now has 21 executives, down from 14 three years ago.

    Investment Quebec

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