Printer and packaging maker Transcontinental will have a third CEO in less than 18 months.
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The Montreal company announced on Wednesday the immediate departure of Peter Brues, who had been at the helm since December 2021.
“Both parties agreed that this was the right way to go,” said Transcontinental spokeswoman Nathalie St-Jean.
Photo from the Transcontinental website
Peter Brues will have been CEO of Transcontinental from December 2021 to June 2023.
“The board thanks Peter Brues for his years of contribution to the company, first as a board member and then as president and chief executive officer, who has guided Transcontinental through a difficult period while capitalizing on growth opportunities,” said Isabelle Marcoux, the company’s chairman of the board.
As part of the changes that came into effect on Wednesday, the latter will also become CEO of Transcontinental and thus play a more active role in the management of the group.
Recall that Mr. Brues succeeded François Olivier, who was CEO of Transcontinental for 13 years. Mr. Olivier left the company with a $1.5 million special bonus while he was in the process of divorcing Ms. Marcoux.
A Frenchman at the wheel
The new CEO of Transcontinental is Thomas Morin, a Chicago-based Frenchman who has headed TC Emballages’ Transcontinental division since 2019. He will be moving to Montreal to take up his new position, Ms St-Jean told the Journal.
Photo from the Transcontinental website
Thomas Morin, new CEO of Transcontinental.
Transcontinental also released its second-quarter results on Wednesday. The company reported net income of $22.2 million, down 21.6% from the same period last year. Revenue rose 4.4% to $747 million.
In recent months, disputes have erupted between Transcontinental and the City of Montreal and other municipalities over the distribution of its Publisac.
Just before 11 a.m., the company’s stock was up 2.4% on the Toronto Stock Exchange to trade at $14.89.