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Onex founder Gerry Schwartz to step down as CEO

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Onex Corp. founder Gerry Schwartz announced Friday he will step down as chief executive next year, handing the reins to president Bobby Le Blanc after the 2023 annual meeting.

The Toronto-based private equity investment firm said Schwartz, 80, will remain closely involved as founder and chairman. Le Blanc has been with the company for 23 years and in 2020 was promoted to president.

“Bobby has shown exemplary leadership over his 23 years with Onex and is ideally suited to guide Onex into its next phase of growth while providing for a smooth transition for the organization,” Schwartz said in the press release.

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On an equity basis, Schwartz owns about 13 per cent of Onex, according to Bloomberg. The company has US$47.2 billion under management, including US$7.6 billion of its own capital.

Schwartz will remain the sole holder of Onex’ Multiple Voting Shares, conditional upon an amendment to maintain the current voting entitlement following the transition of roles. Shareholders will vote on the amendment at the company’s annual general meeting in 2023.

The succession plans came as Onex reported a loss of US$180 million or US$2.12 per diluted share for the quarter ended Sept. 30.

The loss compared with a profit of US$602 million or US$6.76 per diluted share in the same quarter last year.

Additional reporting by Bloomberg

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