Skip to main content

Globe and Mail columnist David Berman.The Globe and Mail

Less than three months after being elected chief executive officer of Desjardins Group, Guy Cormier has made sweeping changes to his executive team in a move that suggests he is shifting the direction of the Quebec-based financial co-op.

In a statement, Desjardins said the executive appointments are part of a plan to "reconnect Desjardins with its purpose" – likely a reference to the fact that while the co-op has been expanding outside of Quebec, punctuated by its purchase of State Farm Canada in 2014, it has been closing and consolidating a number of caisses populaires in small towns, leaving it open to criticism that it has lost its way.

New appointments, along with a new structure that will see members of the management committee report to a chief operating officer, are intended to address this criticism by improving the level of service in its home market.

The biggest move: Denis Berthiaume, currently Desjardins' senior vice-president and general manager, wealth management and life and health insurance, will add chief operating officer to his title, meaning that other executives will report to him. He will report directly to Mr. Cormier.

"In the past, under Monique Leroux's leadership, about half of the management committee reported to the chief operating officer, and the other vice-presidents reported to Ms. Leroux," a Desjardins spokesperson said. "Under Guy Cormier's leadership, all of the management committee will report to the chief operating officer."

But key names within the committee have also changed. Éric Lachaîne has been appointed senior vice-president, caisse network and member and client services; André Chatelain becomes senior vice-president, personal services and Desjardins Group marketing; Marie-Claude Boisvert moves to the position of senior vice-president, business services; and Denis Dubois becomes senior vice-president, property and casualty insurance.

The changes follow the election of Mr. Cormier to a four-year term in March, after outgoing CEO Ms. Leroux ended a two-term, eight-year stretch at the co-op.

During her tenure, Ms. Leroux solidified Desjardins' financial position following the 2008 financial crisis, cut costs and embarked upon an ambitious expansion strategy across Canada. In her final year, she said that the co-op's share of revenue from outside Quebec should rise to 40 per cent from 35 per cent within five years. Though it has increased its commitment to small business lending and credit card services, the focus of its expansion remains on insurance activities.

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe