Ne nous trompons pas : l’establishment torontois est capable de se solidariser dès qu’il s’agit de déjouer le Québec. On nous dit que Richard Nesbitt a surpris tout le monde en annonçant le 7 janvier son départ de TSX pour CIBC Marchés mondiaux. « Just like that, all eyes are on Bertrand » est le titre de l’article du bien branché Globe and Mail, faisant référence à la possibilité que l’actuel PDG de la Bourse de Montréal, Luc Bertrand, soit nommé à la tête de la Bourse de Toronto après que celle-ci avale celle de Montréal. Il n’y a aucune surprise car c’est exactement ce que les chorégraphes de ce bal voulaient. L’article du Globe le dit carrément par ailleurs : « La nomination de M. Bertrand pourrait paver la voie à l’approbation de l’entente lors des audience publiques de l’Autorité des marchés financiers du Québec (AMF) ».
En effet, malgré l’embauche par TSX de l’ancien premier ministre Lucien Bouchard comme un négociateur en chef, l’opposition québécoise à la prise de contrôle par Toronto de cette institution financière importante et hautement symbolique, ne se démentait pas. Pour la compléter, il fallait quelques pas de danse de plus pour épater la foule québécoise.
Dans la pure tradition de la solidarité de l’establishment anglais de Toronto, on trouvera donc un poste tape-à-l’œil pour Nesbitt à CIBC en lui lançant des fleurs – il s’agit en fait d’un retour à son ancien employeur CIBC pour qui il a déjà travaillé pendant 10 ans. On déroulera le tapis rouge pour Luc Bertrand pour faire taire ces méchantes langues qui disent que Bay Street ne peut accepter un French Canadian à la tête de sa Bourse, et le tour sera joué! Montréal n’aura plus de bourse et le détour par Toronto deviendra obligatoire dans ce domaine, comme il l’est devenu obligatoire dans tant d’autres domaines.
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Just like that, all eyes are on Bertrand
BOYD ERMAN
G&M Monday, January 07, 2008
Richard Nesbitt dropped a bombshell on TSX Group Inc. Monday when he quit as CEO of the company in the middle of a major merger. His move could also turn out to be a blessing.
With Mr. Nesbitt leaving to head CIBC World Markets, the way is now open for Luc Bertrand, the chief executive officer of Montreal Exchange Inc., to take the top job when the two exchanges come together in a $1.3-billion merger. Tensions over control of the combined exchanges have threatened to derail the deal, amid political concerns in Quebec that too much power would be shifting to Toronto.
Mr. Nesbitt informed TSX chairman Wayne Fox of his resignation early Monday morning, sources said, catching the TSX flatfooted with his plan to depart at the end of February. The company appointed Rik Parkhill, executive vice-president of TSX Group and president of TSX Markets, and Michael Ptasznik, chief financial officer of TSX Group, as interim co-chief executive officers, effective immediately.
Mr. Nesbitt was slated to run the combined company, with Mr. Bertrand as deputy CEO. Many analysts and investors expected one or the other to depart before too long, because the arrangement was likely to be unwieldy.
However, Mr. Nesbitt has speeded up the timetable.
“One of them was going to go,” said Cormark Securities analyst Jeff Fenwick. “It's unfortunate timing, but Luc can do the job and the deal needs to happen.”
With his surprising resignation, Mr. Nesbitt has created an opportunity to resolve one of the thornier issues surrounding the deal.
The merger is meeting resistance among some nationalist Quebeckers concerned that the purchase of the MX by the TSX lessens the province's influence in financial markets.
Naming Mr. Bertrand to the top job could smooth the way for the deal to pass public hearings planned by Quebec's Autorité des marchés financiers (AMF).
“The natural choice is Bertrand, because he's already been tapped as deputy CEO and I'm not sure it sends the right message to pick someone else,” Mr. Fenwick said.
“If anything it might speed the merger deal, in terms of getting approval from the AMF in Quebec.”
During the year of negotiations leading up to the deal, the role of CEO was among the most contentious issues.
In fact, a political furor erupted in October amid news reports that the reason that talks faltered in summer was that the TSX board didn't want to give the top job to Mr. Bertrand. The TSX steadfastly denied that was ever the case.
Mr. Nesbitt made his way to the top of the TSX via the Markets division, which he ran before taking over as CEO in late 2004 when his predecessor, Barbara Stymiest, departed to take on the job of chief operating officer at Royal Bank of Canada.
During his time at TSX Group, Mr. Nesbitt gained a reputation as a demanding executive with an intense focus on details. Mr. Bertrand is viewed as more easygoing, with more of a gift for public relations. Both men declined requests for interviews.
“Despite the admiration that we have for what Mr. Nesbitt was able to achieve in his tenure, we do believe that his departure will be beneficial for TMX over the longer term,” said John Aiken, an analyst at Dundee Securities.
- source