Mouvement Desjardins Appoints CEO to Drive Growth

Denis Dubois has been appointed as the new CEO of Mouvement Desjardins as of September 2. Just prior to taking on this role, he completed a significant acquisition of Guardian Capital Group for $1.67 billion. This Toronto-based asset management firm adds to Desjardins’ growth strategy.

Mouvement Desjardins Sets a New Course Under Denis Dubois

Before becoming CEO, Dubois served as Desjardins’ first vice president. He was responsible for wealth management and personal insurance prior to this transition. The acquisition is expected to significantly enhance Desjardins’ position within Canada’s asset management sector.

Major Milestone in Asset Management

The recent acquisition adds Guardian Capital Group’s $160 billion in assets to Desjardins’ existing $120 billion, totaling $280 billion under management. This places the cooperative among the top 10 asset management firms in Canada. Dubois views this as a crucial step in expanding Desjardins’ influence beyond Quebec.

Career Path of Denis Dubois

Originally from Rouyn-Noranda, Dubois studied actuarial science at Laval University. He joined Desjardins Assurance in 2003, accumulating a wealth of experience in various roles. He became the vice president of damage insurance in 2016 and played a pivotal role in the acquisition of State Farm’s Canadian division in 2014.

• Role in State Farm Acquisition: This deal transformed Desjardins from 40% to 60% of revenues coming from outside Quebec.
• Current Market Position: Desjardins Assurance is now ranked third in Canada, behind Intact and Aviva.
• Revenue Growth: 70% of Desjardins Assurance’s revenues now come from outside Quebec.

Future Growth Opportunities

Denis Dubois has been tasked to drive growth in the Wealth Management and Personal Insurance division. Currently holding a market share of nearly 20% in Quebec, he sees room for significant expansion. Dubois emphasizes the potential for growth through additional acquisitions across Canada.

Challenges and Security Investments

The cooperative has overcome a significant data breach that affected its operations. Desjardins is in the process of closing this chapter, with the payout of $200 million to class-action lawsuit victims concluding on October 20. The organization invests $300 million annually in security and employs a team of 1,800 security personnel.

Desjardins’ Commitment to Members

As the first CEO appointed by the Board rather than elected by members, Dubois feels a strong obligation to lead effectively. He acknowledges the cooperative’s success in distributing $557 million in rebates to members last year.

Overall, Dubois is determined to respond to member expectations, focusing on simplicity, competitiveness, security, personalization, and accessibility in all offerings.