MONTREAL, Jan. 9 /PRNewswire-FirstCall/ - Power Corporation of Canada
announces that its Board of Directors has approved the appointment of Mr.
Philip K. Ryan as Executive Vice-President and Chief Financial Officer.
Mr. Ryan has been employed for 22 years with Credit Suisse Group in
financial management roles and in investment banking to financial
institutions, including serving as Chief Financial Officer of Credit Suisse
Mr. Michel Plessis-Belair will retire as Chief Financial Officer,
having passed the Corporation's normal age of retirement. He will continue
to serve the Power group as Vice-Chairman of the Board of Directors of
Power Corporation of Canada. He will also continue as a Director of Power
Financial Corporation and certain affiliated companies.
Mr. Plessis-Belair joined Power Corporation in 1986 as Vice-President,
Finance and Administration. He was named Senior Vice-President, Finance and
Administration in 1986, Executive Vice-President and Chief Financial
Officer in 1991, and Vice-Chairman and Chief Financial Officer in 1996.
Mr. Ryan will also join Power Financial Corporation as Executive
Vice-President and Chief Financial Officer.
These executive changes are expected to take effect prior to January
Power Corporation is a diversified international management and holding
company with interests in the financial services industry in North America
and Europe. Through affiliates, Power Corporation holds diversified
industrial interests in Europe and China.
Certain statements in this news release, other than statements of
historical fact, are forward-looking statements based on certain
assumptions and reflect the Corporation's or its subsidiaries' or
affiliates' current expectations. These statements may include, without
limitation, statements regarding the operations, business, financial
condition, priorities, ongoing objectives, strategies and outlook of Power
Corporation, its subsidiaries or affiliates for the current fiscal year and
subsequent periods. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or conditions,
or include words such as "expects", "anticipates", "plans", "believes",
"estimates", "intends", "targets", "projects", "forecasts" or negative
versions thereof and other similar expressions, or future or conditional
verbs such as "may", "will", "should", "would" and "could".
This information is based upon certain material factors or assumptions
that were applied in drawing a conclusion or making a forecast or
projection as reflected in the forward-looking statements, including the
perception of historical trends, current conditions and expected future
developments, as well as other factors that are believed to be appropriate
in the circumstances.
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific. A variety of material
factors, many of which are beyond the Corporation's, its subsidiaries' and
affiliates' control, affect the operations, performance and results of the
Corporation's, its subsidiaries and affiliates, and their business, and
could cause actual results to differ materially from current expectations
of estimated or anticipated events or results. These factors include, but
are not limited to: the impact or unanticipated impact of general economic,
political and market factors in North America and internationally, interest
and foreign exchange rates, global equity and capital markets, management
of market liquidity and funding risks, changes in accounting policies and
methods used to report financial condition, including uncertainties
associated with critical accounting assumptions and estimates, the effect
of applying future accounting changes, business competition, technological
change, changes in government regulation and legislation, changes in tax
laws, unexpected judicial or regulatory proceedings, catastrophic events,
the Corporation's, its subsidiaries' or affiliates' ability to complete
strategic transactions and integrate acquisitions, and the Corporation's or
its subsidiaries' or its affiliates' success in anticipating and managing
the foregoing risks.
The reader is cautioned that the foregoing list of factors is not
exhaustive of the factors that may affect any of the Corporation's, its
subsidiaries' and affiliates' forward-looking statements. The reader is
also cautioned to consider these and other factors carefully and not to put
undue reliance on forward-looking statements.
Other than as specifically required by law, the Corporation undertakes
no obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to reflect
the occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
Additional information about the risks and uncertainties of the
Corporation's business is provided in its disclosure materials, including
its most recent Management's Discussion and Analysis of Operating Results
and Annual Information Form, filed with the securities regulatory
authorities in Canada, available at www.sedar.com.
SOURCE POWER CORPORATION OF CANADA