(PageOne) – Onex Corporation (TSX: ONEX) today announced the promotion of Bobby Le Blanc to President of Onex. Mr. Le Blanc will oversee all of Onex’ business units and become the sole Head of Onex Partners, the firm’s flagship private equity strategy.
Mr. Le Blanc’s appointment reflects his decades-long commitment to Onex, his strong reputation among his peers, and his talent as a successful investor with a proven track record of managing teams and driving value creation.
Gerry Schwartz will remain Chairman and CEO, with Bobby reporting to him. Mr. Schwartz, said, “Having joined the firm more than 20 years ago, Bobby represents the best of Onex. I am confident he will continue to be a positive force in our future success and Onex, our shareholders and our partners will continue to benefit from his proven leadership.”
This announcement is part of Onex’ broader long-term leadership plan and positions the firm well for continued growth in the years to come. In the last five years, Onex’ assets under management have grown to over $35 billion, including almost $20 billion from private equity.
Importantly, this growth has included almost doubling of the credit business to $12 billion of AUM, and adding wealth management through the acquisition of Gluskin Sheff in 2019. As Onex continues its thoughtful expansion into complementary, accretive strategies, Mr. Le Blanc’s new role will enable greater efficiency in the allocation of Onex’ human and financial capital to drive growth across all platforms.
As part of this leadership change, Anthony Munk will become Vice Chairman of Onex, providing investment advice across the firm and particularly at Onex Partners, as Chair of its Investment Committee. Finally, Seth Mersky will step back from his broader role at Onex and become Vice Chairman of Gluskin Sheff.
Mr. Mersky has been an integral part of Onex’ success since he joined the firm in 1997 and we are pleased he will continue to be an important part of the Onex family through his new role with Gluskin Sheff.