We wish to acknowledge Jeff’s remarkable contribution to Power and to our group companies — an enduring impact built over more than four decades, including more than 25 years within our group. Throughout this time, Jeff has demonstrated steady leadership, sound judgment anchored in integrity and a consistent focus on long-term value creation. Before joining the Power group in 2001 as President and CEO of Investors Group, and later IGM Financial, he built an impressive career in Canadian investment banking, including senior leadership roles at BMO Nesbitt Burns, where he ultimately served as Chairman and CEO.

Earlier still, as a young investment banker, he was involved in Power Financial’s 1985 initial public offering, a pivotal moment in our history and, for him, an early point of connection to our organization. Two decades later, that experience came full circle when he was appointed President and CEO of Power Financial.

Throughout his time at Power, Jeff has guided the Corporation and its group companies through significant transformation and growth, repositioning Power from a diversified holding company into one primarily focused on financial services, with record performance and substantial long-term value creation for shareholders.

Notably, during the 2008 global financial crisis, Jeff helped steer the Corporation and our group companies through a period of profound market disruption with sound judgment and calm discipline. His leadership reaffirmed Power’s long-term strategy, strengthening the group’s resilience and helping set the course for sustained growth in the years that followed.

Additionally, he enhanced the Corporation’s investor communications, increasing stakeholders’ understanding of our business model, active ownership approach, value creation strategies, and performance.

Jeff also drove meaningful progress across our group companies. As Chair of the boards of Great-West Lifeco and IGM Financial, he championed significant strategic initiatives, including the development and success of Empower, now the second-largest retirement services provider in the United States. Moreover, he helped accelerate the growth of our alternative asset management businesses, further developing our fintech strategy, and positioning the Corporation to benefit from long-term structural trends in the industry.

The results speak for themselves. Since December 31, 2019, Power’s total shareholder returns have outperformed the S&P/TSX Composite Index and the S&P/TSX Financials Index. Since 2020, more than $10 billion has been returned to shareholders through dividends and share repurchases.

Beyond strategy and results, Jeff’s leadership has been marked by a strong sense of stewardship. He has consistently attracted, mentored and empowered talented leaders, reinforcing a culture that combines performance with responsibility. Today, Power is well positioned, with solid operating performance across our companies, a robust balance sheet, and a commitment to the continuous return of capital through dividends and share buybacks — reflecting decisions guided by a long-term perspective and a strategic vision anchored in strong core values.

We would like to express our sincere gratitude to Jeff for his vision and drive. We are pleased that, as Vice-Chair, Jeff will continue to work with James O’Sullivan and our highly talented team in guiding Power in its next chapter, supported by the depth of experience and knowledge he brings. On behalf of our shareholders, the Board of Directors, management and all employees of Power Corporation and the companies within our group, we extend our deepest thanks to him.