A Leadership Change at Desjardins Group Has No Impact on the Credit Ratings

DBRS Limited (Morningstar DBRS) notes that Desjardins Group's (Desjardins or the Group) appointment of Denis Dubois as its new president and chief executive officer (CEO) has no impact on the Group's credit ratings, including its Long-Term Issuer Rating of AA with a Stable trend. Morningstar DBRS expects that Desjardins' current strategy will not materially change in the near to medium term with the CEO transition and that the Group will continue to execute on its strategic priorities. Morningstar DBRS views today's announcement as the complete implementation of the Group's new governance model announced on June 22, 2023, whereby the role and duties of the chair of the board of directors were separated from those of the president and CEO, a split that reflects best practices for sound governance.

Dubois will step into this role on September 2, 2025. Until then, Guy Cormier will continue to lead the Group as the current president and CEO and will serve as a strategic advisor to the new CEO and the board of directors from September 2, 2025, to March 2026 to support the transition.

Dubois is a credentialed actuary and has been with Desjardins since 2003. He has served as the executive vice president of wealth management and life and health insurance since 2019, before which he was the executive vice president of property and casualty insurance. With his extensive experience, Dubois has therefore led three of Desjardins' five business segments. In addition, he has made significant contributions to Desjardins' growth, including some major transactions that helped consolidate the Group's position as a key industry player in banking and insurance. Morningstar DBRS notes that Desjardins holds a top-tier market position for insurance products in Canada within the life, health, and general insurance categories.

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