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LeBlanc replaces Onex Corp founder Schwarz as president as firm reveals succession strategy

1614

Canadian private equity major Onex Corp has named veteran investor Bobby Le Blanc as president as it shakes up its upper management as part of a long-term succession plan.

Firm founder Gerry Schwarz, who has headed Onex Corp for 36 years, steps down from the president role, but will remain as chairman and CEO, with LeBlanc reporting to him.

Le Blanc will oversee all of Onex’ business units and become the sole head of Onex Partners, the firm’s flagship private equity strategy, the firm said.

Onex’s other leadership changes include Anthony Munk becoming vice chairman, providing investment advice across the firm and particularly at Onex Partners, as chair of its investment committee.

Seth Mersky will step back from his broader role at Onex and become vice chairman of Gluskin Sheff.

Onex said Mersky had been an integral part of Onex’ success since he joined the firm in 1997.

The firm said Le Blanc’s appointment reflected his decades-long commitment to Onex, “his strong reputation among his peers, and his talent as a successful investor with a proven track record of managing teams and driving value creation”.

Schwartz said, “Having joined the firm more than 20 years ago, Bobby represents the best of Onex.

“I am confident he will continue to be a positive force in our future success and Onex, our shareholders and our partners will continue to benefit from his proven leadership.”

Onex’ assets under management have grown to over $35bn, including almost $20bn from private equity.

The firm said its growth over the last five years included an almost doubling of the credit business to $12bn of AUM, and adding wealth management through the acquisition of Gluskin Sheff in 2019.

 

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