Gerry Schwartz is stepping down as chief executive officer (CEO) of Onex Corp. (ONEX), the Canadian private equity firm that he’s run for almost 40 years.
The company, which owns a diverse group of businesses including WestJet Airlines, said that shareholders have agreed to a succession plan and extended Schwartz’s voting control over the company until 2026.
Schwartz has agreed to let current Onex President Bobby Le Blanc takeover as CEO. Schwartz will remain chairman of the company and will hold onto the special rights attached to his multiple-voting shares for an additional three years.
Le Blanc, who was promoted to president of the company in 2020, is taking control of Onex at an important moment for the firm as it struggles with poor shareholder returns.
Onex’s stock is down 13% in the last 12 months at $62.51 a share. However, the company’s long-term track record is worse, with the stock down 33% over the past five years.
