O’Sullivan will succeed Jeffrey Orr as head of the wealthy Desmarais family’s financial conglomerate, effective July 1. O’Sullivan is currently president and CEO of IGM Financial, a Power Corp. subsidiary. (The Logic)

Talking point: O’Sullivan will be the second CEO of Power Corp. to come from outside the Desmarais family, after Orr became the first in 50 years when he took over from co-CEOs Paul Jr. and Andre Desmarais in 2020. O’Sullivan sits on the board of Wealthsimple, a portfolio company of Power Corp. and IGM that raised $750 million at a $10-billion valuation in October. In a release, Power Corp. chair Paul Desmarais Jr. said succession planning has been “an ongoing and continuous focus” for the company. Orr led Power Corp. through a series of sales and acquisitions that helped it correct a longstanding disparity between its market capitalization and net asset value.