Investment Quebec | Number two, Bicha Ngo, takes charge

Number two at Investissement Québec (IQ), Bicha Ngo is gaining ground and will succeed Guy LeBlanc at the head of the financial arm of the Quebec state. His appointment comes in a context where several senior executives have left the ship in recent years.

First woman to head the state corporation, M^me Ngo has held the position of Senior Executive Vice-President of Private Placements since the end of 2019. She is notably responsible for “major accounts” as well as venture capital interventions, in particular. His appointment was ratified by the council of ministers of the Legault government on Wednesday. She will take office on 1^er next February for a three-year term.

“Bicha Ngo is an exceptional candidate to take the helm of Investissement Québec,” said the Minister of Economy, Innovation and Energy, Pierre Fitzgibbon, in a press release. His leadership and experience on major transactions will be valuable assets to ensure the economic development of Quebec.

According to our information, the IQ board of directors had not sent a list of candidates to the Legault government. M^me Ngo was the choice of his team of administrators. Mr. LeBlanc will pass the torch to a colleague who knows the workings of the state corporation well. In his functions, M^me Ngo worked closely with the president and CEO – a personal friend of the Minister of Economy, Innovation and Energy Pierre Fitzgibbon – appointed in April 2019. The position of M^me Ngo will be filled at the end of a recruitment process which will be led by IQ.

M^me Ngo had obtained the highest total remuneration (which takes into account base salary, bonuses and other benefits) within the state-owned company in 2022-2023 with a salary of 1.2 million. This financial year ended with a negative return of 4.8% as well as a loss of 224 million.

Coming from a Vietnamese family who arrived in Quebec in the mid-1970s, the new leader of IQ has a long track record in the financial world. Before being hired by the investment arm of the State, she worked at HSBC (account director), Merrill Lynch (partner, investment bank technology group), CIBC Capital Markets (Executive Directorate, investment bank business) and Domtar (vice-president of corporate development).

The last few weeks have not been easy at IQ. Last November 30, The Press revealed that the state corporation showed the door to Jocelyn Beauchesne, who was first vice-president of the regional network, for having “violated a governance rule” which had still not been specified. The latter was considered the number three in the organization. The details of his dismissal are still unclear. IQ claims that Mr. Beauchesne “did not take any advantage for himself, did not engage in any inappropriate behavior or harassment towards any individual” and that there were “no consequences for the customers “.

This dismissal coincided with the departure of another executive who reported to Mr. LeBlanc: David Stréliski, senior director of risk management and financial governance. Contacted by The Press, the latter had mentioned a “lack of fit” with the board of directors”, without offering more details.

Several senior IQ executives have jumped ship since April 2022. Three of the top seven vice presidents listed in the last annual report have left. They are Christian Settano (finance and credit risks), Sylvie Pinsonnault (strategies and innovation) and M. Beauchesne.

“It’s as if the fire had caught,” lamented The Press an employee because he is not authorized to speak and wants to protect his job. There is no more relief at all. »

With the collaboration of Tommy Chouinard and Hugo Joncas, The Press