Onex shareholders approve the plan to replace Gerry Schwartz as CEO

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Shareholders of Onex Corp. have approved a change to its multiple-voting shares that will allow Gerry Schwartz to retain voting control of the company for another three years even as he officially steps down as chief executive.

Schwartz will maintain voting control of the company he has led for 40 years until at least 2026

Gerry Schwartz is shown at the AGM of Onex standing at a podium.
Gerry Schwartz is the only CEO in the history of Onex Corp. (Nathan Denette/Canadian Press)

Shareholders of Onex Corp. have approved a change to its multiple-voting shares that will allow Gerry Schwartz to retain voting control of the company for another three years even as he officially steps down as chief executive.

Onex president Bobby Le Blanc was named to the top job at the private equity investment firm, while Schwartz will remain as chairman.

The special voting rights were set to expire when Schwartz stepped down as CEO, but shareholders were asked to allow a change to provide for a three-year sunset provision on the multiple-voting shares.

The plan was approved by 98 per cent of the votes cast by Onex’s subordinate voting shares at the company’s annual meeting.

The three-year period is down from an initial plan for five years that was changed by the company after consultation with shareholders.

Onex is expected to report its first-quarter results on Friday.

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