Andre Desmarais and Paul Desmarais Jr. are stepping down as co-chief executive officers of Power Corp. of Canada as part of a massive reorganization at one of the country’s largest financial services firms.

The Desmarais brothers, sons of the founding family that runs the Montreal-based firm, will stay on as chairman and deputy chairman. Jeffrey Orr, current CEO of the Power Financial business, takes the top job at a new entity combining the two main units of the insurance and asset management company, according to a statement Friday.

As part of the reorganization, Power Financial shareholders will receive 1.05 Power Corp. subordinate voting shares and some cash for each share they own. Power Financial is currently controlled by Power Corp.

By combing the two companies, Power Corp. says it will simplify its corporate structure, eliminating the dual-holding company format, reducing costs and increasing its focus on financial services.

The billionaire Desmarais family will continue to control the company through its Pansolo Holding Inc. Power Corp.’s businesses include insurer Great-West Lifeco Inc. and IGM Financial Inc., the money manager.