Former Caisse de dépôt et placement du Québec head Jean-Claude Scraire has been appointed chairman of the board of Investissement Québec.
Mr. Scraire stepped down as chairman and chief executive officer of the Caisse in 2002, three years shy of completing his 10-year mandate at the giant public pension fund manager.
The Parti Québécois government of Premier Pauline Marois selected Mr. Scraire to replace Jean Bazin, who had six months left on his contract.
The government announced plans earlier this year to transform the mandate of Investissement Quebec, the province’s investment arm and economic development agency.
Quebec is merging all of its venture capital funds, startup funding and business assistance programs under one umbrella organization, called the Quebec Economic Development Bank.
The new organization will largely be managed by the current staff of Investissement Quebec.
It is to take a major role in boosting regional development as well as promoting activity in key sectors such as oil and natural gas exploration and mining.
The new development bank is to be the financial arm of Quebec’s new industrial and manufacturing policy, to be unveiled this fall.
Mr. Scraire headed up the Caisse at a time when it suffered huge losses in the meltdown of the technology and telecom sectors.
It was also under his watch that the Caisse blocked a friendly merger between Rogers Communications Inc. and cable company Groupe Vidéotron ltee, backing instead a hostile bid by Quebecor Inc.