2023-05-23 23:33:13
(Photo: Jérôme Lavallée Archives)
Michael Sabia will be the new president and general manager of Hydro-Québec, confirmed to Deals a knowledgeable source. His appointment should be formalized on Wednesday during the Council of Ministers.
He will replace Sophie Brochu, who announced her departure from the head of the state-owned company last January. Next September, she will join the board of directors of the information technology consulting firm CGI.
Michael Sabia, appointed on December 14, 2020 Deputy Minister of the Department of Finance Canada, was “the choice of François Legault”, reported La Presse on Tuesday evening.
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In April 2020, he was appointed Chairman of the Board of Directors of the Canada Infrastructure Bank, and Director of the Munk School of Global Affairs and Public Policy at the University of Toronto in February of the same year.
From 2009 to 2020, Michael Sabia led the Caisse de depot et placement du Québec (CDPQ), a position to which he was appointed in the midst of a storm and while Quebec inc. was hostile to him.
This was in particular because of his Ontario origins (he is English-speaking) and because he is not part of “the gang of Quebec inc.”, the natural pool from which the Quebec government usually drew the leaders of the Caisse .
When he took office, the CDPQ was at the heart of the asset-backed commercial paper fiasco that it held before the 2008 financial crisis. He raised the bar and recovered the $39.8 billion that the Caisse lost in 2008 , in fiscal year 2011.
His accomplishments have earned him the respect of the Quebec business community and allayed fears about him.
“He focused the Caisse’s activities in areas where it added value, such as private equity, real estate and Canadian equities,” says Claude Garcia, former president of Standard Life in Quebec and member of the board of administration of the Caisse, from 2005 to 2009.
Prior to his tenure at the CDPQ, Mr. Sabia was CEO of Bell Canada Enterprises and CEO of Canadian National Railway Company.
A commitment to climate change
According to his biography posted by the federal government, Michael Sabia “has been involved in some international initiatives, including the UN alliance for carbon neutrality and as co-chair of the World Economic Forum’s task force on infrastructure and development. During Canada’s presidency of the G7 in 2018, he co-chaired the G7 Investor Leadership Network on Climate Change, Diversity and Infrastructure Development.
These are new challenges that will await Michael Sabia at Hydro-Québec, while the energy sector is vital for the future of the province. The new CEO will have to deal with the end of electricity surpluses by 2026, while Quebec wants to electrify a large part of its economy to meet its climate targets.
With the collaboration of Katia Tobar.
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