Mouvement Desjardins unveils new CEO to drive growth
On September 2, 2023, Denis Dubois officially took over as the new CEO of Mouvement Desjardins. Just before assuming his new role, he finalized a significant acquisition of Guardian Capital Group for $1.67 billion. This Toronto-based asset management firm will greatly enhance Desjardins’ presence in the Canadian financial landscape.
Denis Dubois: A New Era for Mouvement Desjardins
Denis Dubois believes there is ample room for growth within Desjardins. His recent acquisition of Guardian Capital, which manages $160 billion in assets, will bring Desjardins’ total assets under management to $280 billion. This positions the organization among Canada’s top 10 asset managers.
“My appointment as the successor to Guy Cormier was announced on June 2, 2023. We used the summer to prepare for the transition, focusing on finalizing the acquisition of Guardian Capital,” Dubois stated, highlighting the importance of this deal.
A Notable Background
- Denis Dubois hails from Rouyn-Noranda and studied actuarial science at Laval University.
- He joined Desjardins Assurance in 2003, where he held various roles including Vice President of Property and Casualty Insurance.
- In 2016, he was appointed as the first vice president for property and casualty insurance.
Dubois played a key role in acquiring State Farm’s Canadian division in 2014, a major acquisition that helped shift Desjardins’ revenue sources from outside Quebec from 40% to 60%.
Growth Opportunities Ahead
Currently, Desjardins Assurance is the third largest property and casualty insurer in Canada, trailing behind Intact and Aviva. About 70% of its revenues now come from outside Quebec. Dubois, who was appointed by the board of directors instead of being elected, is optimistic about the growth prospects of Desjardins.
“We have nearly 20% market share in Quebec, with numerous opportunities for expansion throughout Canada,” he said.
Commitment to Security and Community
Desjardins recently crossed the $500 billion mark in total assets and returned $557 million to its members and the wider community last year. The organization is also addressing the security concerns stemming from a data breach in 2019 by investing over $300 million annually in security measures.
With a dedicated team of 1,800 security professionals, Desjardins aims to protect its members and restore confidence in its operations.
“Our mission is to meet the needs and expectations of our members while delivering strong returns, which is essential for providing those $557 million in bonuses,” Dubois emphasized, outlining the cooperative’s commitment to customer satisfaction.
The future looks promising for Mouvement Desjardins under the leadership of Denis Dubois, as he drives growth while ensuring robust security and community engagement.
