Bicha Ngo will succeed Guy LeBlanc at the head of Investissement Québec (IQ) next February, and will thus become the first woman to lead the state-owned company. The Minister of the Economy and Energy, Pierre Fitzgibbon, made the announcement late Wednesday during a virtual conference.
This appointment comes a little more than four years after Mr.me Ngo as senior executive vice-president of private placements at IQ. Before working for the financial arm of the Quebec government, the businesswoman was vice-president of corporate development for nearly ten years at the Quebec paper company Domtar. She also worked for the investment banks CIBC Capital Markets and Merrill Lynch.
In a press release, the main interested party said she was “privileged” to have been chosen to lead IQ and approached this “mandate with great responsibilities” with “enthusiasm”.
In the same press release, Minister Fitzgibbon describes Mme Ngo as an “exceptional candidate” whose “leadership” and “experience in major transactions will be valuable assets to ensure the economic development of Quebec”.
Mr. Fitzgibbon and Mr.me Ngo each thank Guy LeBlanc “for having carried out a major transformation of the state corporation”. The latter, a long-time friend of Minister Fitzgibbon, had headed the institution since April 2019. His four-year term expired last April. He will ensure the transition until Mr takes up his position.me Ngo, the 1er next February.
In 2022-2023, as first vice-president of the state corporation, Ms.me Ngo received compensation of $1.15 million, an amount higher than that received by the top executive, Mr. LeBlanc, whose compensation was $1.056 million.
That year, the institution spent $4.87 million on compensation for its five highest-paid executives, up from $3.97 million the previous year. At the same time, it posted a negative return of 4.8% and a loss of $224 million.