Péladeau demands board shakeup — and a seat — at Transat
Global News
Péladeau, Transat's second-largest shareholder and the CEO of Quebecor Inc., said the board should be reduced to six directors.
Media magnate Pierre Karl Péladeau on Monday demanded a board shakeup and a strategic overhaul at Transat A.T. Inc. — as well as a seat at the table — as the billionaire once again sought to gain purchase at the struggling travel company.
Péladeau, Transat’s second-largest shareholder and the CEO of Quebecor Inc., said the board should be reduced to six directors — with him among three new members — from 11 currently. The two other fresh nominees are pollster and economist Jean-Marc Léger and Quebecor vice-chair André Brosseau.
In a release, Péladeau further asked for Transat, which owns Air Transat, to restructure its “broken” balance sheet and launch a strategic review that puts senior management in its sights.
“These actions are necessary to demonstrate the board’s commitment to creating value for shareholders and other stakeholders, and to reassure key stakeholders that the company’s strategy has been realigned under improved and robust oversight,” he said.
He has asked Transat to hold a special shareholder meeting by Feb. 6 to vote on the proposals.
Within hours, Transat responded that it is reviewing Péladeau’s request.
“While we do not typically comment on discussions with individual shareholders, multiple directors have recently met with Mr. Péladeau and his team to explore constructive solutions, including potential changes to the company’s board composition,” the company said in a release.
Péladeau, whose investment firm Financière Outremont Inc. owns 9.5 per cent of Transat, has criticized its leadership before, most recently in 2021 after his bids to buy the Montreal-based outfit failed.
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