“Governance rule broken” | A heavyweight from Investissement Québec is shown the door

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 to be 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 The Press signed by Vice-President of Public Affairs Gladys Caron, Investissement Québec indicates that Jocelyn Beauchesne would have “violated a rule of governance”.

“As a state-owned company, management considered that he could no longer hold his position. However, he did not derive any benefit for himself, engaged in any inappropriate behavior or harassment towards any individual and there were no consequences for customers. »

“No severance pay”

The message specifies that Jocelyn Beauchesne will not receive “any severance pay”. “We will not provide additional details on the situation. »

Internally, employees are all the more surprised that Jocelyn Beauchesne was Guy LeBlanc’s right-hand man. He was at the head of the network of hundreds of employees deployed in all regions to support businesses. He also supervised the vice-presidency for innovation, which includes the Quebec Industrial Research Center, which aims to improve manufacturing processes.

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, “that The Press 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.

Another departure from risk management

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, since 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 The Pressthis former member of the accounting audit firm EY and Elections Canada speaks 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.

“As if the fire had caught”

The two executives are the latest in a series of senior Investissement Québec executives who have left the organization since April 2022. In fact, three of the first seven vice-presidents who appear in the last 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 left the ship, receiving severance pay 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 as if the fire had been 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 dealing with the departure of experienced managers one after the other, he believes that the organization has lost “all its firewalls” in the face of the Minister of the Economy, responsible for the state company.

Contacted on this subject, Pierre Fitzgibbon’s office affirmed that “as director of the regional network, Mr. Beauchesne did not have to work [sur des] 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. »