Gerry Schwartz is stepping down as chief executive officer (CEO) of Onex Corp. (ONEX), the Toronto-based investment management firm he founded in 1984.
Onex says that Schwartz will officially step down after the company’s next annual meeting in spring 2023 but will remain chairman of the board of directors.
Long-time Onex executive Bobby Le Blanc has been named as the company’s next CEO. Le Blanc has worked at Onex for 23 years.
The leadership change comes as Onex, which reports its finances in American dollars, reported a loss of $180 million U.S., or $2.12 U.S. per share, for this year’s third quarter.
Onex has $47.2 billion U.S. of assets under management. The company’s stock is down 27% year-to-date at $73.38 per share. Over the last five years, Onex stock has declined 20%.
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