Quebecor CFO Pruneau to head Videotron

Jean-François Pruneau, Quebecor Inc.’s chief financial officer, has been appointed the new CEO of its Videotron subsidiary, in a move analysts said Monday was positive for the company. Barclays analyst Phillip Huang said in a note that Pruneau is “very well-known to and well-liked by the Street,” and has been very hands-on with all aspects of Quebecor’s operations. He noted “the promotion of CFOs to the CEO role is rare in the industry.” Pruneau, who has been with Quebecor since 2001, replaces Manon Brouillette, who announced her departure from the post in October. The company also announced Monday that Hugues Simard, who was previously chief financial officer at Videotron before leaving last year, will return from his position as CFO of Indigo Books & Music Inc. in Toronto to take up the CFO job at Quebecor. Chief legal officer Marc Tremblay will add chief operating officer to his list of responsibilities at the company. "Marc has demonstrated a thorough command of all corporate issues and will have, in his new duties, an even greater role in developing business and operational strategies,” Quebecor CEO Pierre Karl Péladeau said in a press release. RBC Capital Markets analyst Drew McReynolds said in a note he is “particularly encouraged” with Pruneau’s appointment. “Over the past two decades, we believe Mr. Pruneau has established strong credibility with investors and has been an important piece of the Videotron growth story over this period,” he said. Scotiabank analyst Jeff Fan also pointed out that over the past eight years, Pruneau has been “the face of the company to the financial community.” He said the trio of appointments “ensure continuity by putting those with solid experience and track records in important decision making roles.” Pruneau, Simard and Tremblay have been involved in important moves the company has made in the past 15 years, such as the entry into traditional phone service and wireless, he noted. Pruneau takes over as Videotron makes moves to compete with the Big Three’s flanker brands and wholesale-based smaller internet competitors through its new Fizz brand. The cableco will also take on its main competitor, BCE Inc., in the IPTV space as it launches its new TV service, dubbed Helix, later this year. It recently got rid of its data centre business, and analysts expect it to use the proceeds of that sale for future spectrum purchases. — With reporting by Anja Karadeglija at akarad@thewirereport.ca and editing by Ahmad Hathout at ahathout@thewirereport.ca

Quebecor CFO Pruneau to head Videotron

News | January 7, 2019

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Quebecor CFO Pruneau to head Videotron

News | January 7, 2019

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