One of the most senior executives at Investissement Québec has just been shown the door for having “violated a governance rule”.
The state-owned company refuses to provide more details to explain the dismissal of Jocelyn Beauchesne, who was first vice-president of the regional network. Some considered him number three at Investissement Québec (IQ), after CEO Guy LeBlanc and the first executive vice-president of private placements, Bicha Ngo.
Communications officials for the state’s financial arm did not answer the phone.
In an email to La Presse signed by Vice-President of Public Affairs Gladys Caron, Investissement Québec indicates that Jocelyn Beauchesne would have “broken a governance rule”.
“As a state-owned company, management considered that he could no longer hold his position. However, he did not derive any benefit for himself, did not engage in any inappropriate behavior or harassment towards any individual and there were no consequences for customers. »
The message specifies that Jocelyn Beauchesne will receive “no severance pay.” “We will not provide additional details on the situation. »
Employees learned of his departure in a terse email from the big boss on Wednesday.
“It is with regret that I announce the departure of Jocelyn Beauchesne after more than six years at Investissement Québec,” writes Guy LeBlanc in the message, which La Presse obtained. His journey within IQ has been full of challenges. Jocelyn has been at the heart of the transformation of the Regional Network and more recently, he welcomed the Vice-President, Innovation to his large team. »
Reached by telephone, Jocelyn Beauchesne did not want to explain the reasons for his dismissal. “In the current circumstances, I cannot comment further than what has been announced,” he said.
On Thursday, CEO Guy LeBlanc also announced the departure of another executive reporting directly to him: David Stréliski, who was senior director of risk management and financial governance.
“After some ten months within the organization, we mutually agreed to terminate employment, as Mr. Stréliski’s profile and the needs of the position proved not to be sufficiently aligned, according to the email from by Gladys Caron. He was offered severance pay, according to the scales normally applied for this type of position. »
Contacted by La Presse, this former member of the accounting audit firm EY and Elections Canada spoke of “a lack of fit with members of the board of directors”, without further details.
Former director of integrated risk management Alexandre Bercovy takes his place on an interim basis.
The two executives are the latest in a series of senior Investissement Québec executives to have left the organization since April 2022. In fact, three of the top seven vice-presidents listed in the latest annual report have left: Christian Settano (finance and credit risks), Sylvie Pinsonnault (strategies and innovation), then Jocelyn Beauchesne.
In April 2022, Alexandre Sieber, former senior vice-president of corporate financing, had already jumped ship, receiving a severance payment of $379,080, according to the annual report.
In February 2023, vice-president of risk management Yves Bourque also parted ways with the organization.
After his departure from Investissement Québec, Christian Settano joined the ranks of the Business Development Bank of Canada as Chief Financial Officer last September.
“It’s like the fire was caught,” laments an employee who requests anonymity because he is not authorized to speak and wants to protect his job. There is no more relief at all. »
By having to deal with the departure of experienced managers one after another, he believes that the organization has lost “all its firewalls” against the Minister of the Economy, responsible for the state company.
Contacted on this subject, the office of Pierre Fitzgibbon affirms that “as director of the regional network, Mr. Beauchesne did not have to work [on] files which led him to meet the minister”.
“The minister has complete confidence in the organization,” adds his communications director, Mathieu St-Amand, in an email. The Investissement Québec management team is solid. »