Media magnate Pierre Karl Péladeau on Monday demanded a board shakeup and a strategic overhaul at Transat A.T. Inc. — in addition to a seat on the desk — because the billionaire as soon as once more sought to realize buy on the struggling journey firm.
Péladeau, Transat’s second-largest shareholder and the CEO of Quebecor Inc., mentioned the board must be decreased to 6 administrators — with him amongst three new members — from 11 presently. The two different contemporary nominees are pollster and economist Jean-Marc Léger and Quebecor vice-chair André Brosseau.
In a launch, Péladeau additional requested for Transat, which owns Air Transat, to restructure its “damaged” stability sheet and launch a strategic overview that places senior administration in its sights.
“These actions are essential to display the board’s dedication to creating worth for shareholders and different stakeholders, and to reassure key stakeholders that the corporate’s technique has been realigned below improved and sturdy oversight,” he mentioned.
He has requested Transat to carry a particular shareholder assembly by Feb. 6 to vote on the proposals.
Get breaking National information
For information impacting Canada and world wide, join breaking information alerts delivered on to you once they occur.
Within hours, Transat responded that it’s reviewing Péladeau’s request.
“While we don’t usually touch upon discussions with particular person shareholders, a number of administrators have just lately met with Mr. Péladeau and his group to discover constructive options, together with potential adjustments to the corporate’s board composition,” the corporate mentioned in a launch.
Péladeau, whose funding agency Financière Outremont Inc. owns 9.5 per cent of Transat, has criticized its management earlier than, most just lately in 2021 after his bids to purchase the Montreal-based outfit failed.
The media mogul had made an unsolicited bid of $5 per share for Transat in December 2020 after shareholders voted in favour of an identically priced bid from Air Canada that amounted to $189 million.
Put ahead within the depths of the COVID-19 pandemic, Air Canada’s provide marked a 75 per cent lower from a pre-pandemic bid and finally died after European regulators signalled they’d not approve the acquisition.
Transat has struggled lately amid stiff competitors for trip locations and an enormous debt burden, although it introduced a serious restructuring of pandemic-era debt earlier this yr that forgives tons of of tens of millions of {dollars} owed.
The firm continues to take care of engine remembers which have grounded 4 of its planes and a labour standoff that would see pilots go on strike as early as subsequent week.
The Air Line Pilots Association mentioned Monday it should open a “strike centre” close to the Montreal airport in “the following step towards a strike.”
Nonetheless, Transat’s share value rose practically 4 per cent or eight cents to $2.28 in noon buying and selling on the Toronto Stock Exchange.
This report by The Canadian Press was first printed Dec. 1, 2025.
© 2025 The Canadian Press
