Media magnate Pierre Karl Péladeau is once again seeking influence at Transat A.T. Inc., demanding a significant board shakeup and a strategic overhaul to address the airline’s ongoing struggles.
Péladeau, CEO of Quebecor Inc. and Transat’s second-largest shareholder, wants the company’s board reduced from 11 to six directors. He has nominated himself, pollster and economist Jean-Marc Léger, and Quebecor vice-chair André Brosseau as the three new members.
In a statement, Péladeau described Transat’s balance sheet as “broken” and called for a strategic review that scrutinizes senior management, emphasizing the need to “demonstrate the board’s commitment to creating value for shareholders and other stakeholders.”
He has requested that Transat hold a special shareholder meeting by Feb. 6 to vote on his proposals. Transat responded that it is reviewing his request, noting that multiple board members have already met with Péladeau to explore potential solutions, including changes to board composition.
Péladeau’s involvement in Transat is not new. In 2020, he made an unsolicited $5-per-share bid to acquire the airline, which was ultimately outmatched by Air Canada’s competing offer. That bid collapsed after European regulators signaled they would not approve the acquisition. His investment firm, Financière Outremont Inc., currently owns 9.5 per cent of Transat.
The Montreal-based airline has faced persistent challenges, including stiff competition for vacation travel, a large debt load, and pandemic-related disruptions. Earlier this year, it completed a major debt restructuring, forgiving hundreds of millions owed. Operational setbacks continue, including engine recalls grounding four planes and a looming pilot strike organized by the Air Line Pilots Association.
Despite these hurdles, Transat’s stock rose nearly four per cent to $2.28 on the Toronto Stock Exchange following Péladeau’s announcement, reflecting investor optimism about potential changes.
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