Onex Corp. says founder Gerry Schwartz will step down as chief executive of the company after its next annual meeting, but remain chairman.

The private equity investment firm says veteran Onex executive Bobby Le Blanc will take over the top job.


Schwartz says Le Blanc has shown exemplary leadership over his 23 years with Onex and is ideally suited to guide the company into its next phase of growth while providing for a smooth transition for the organization.

The succession plans came as Onex, which keeps its books in U.S. dollars, reported a loss of US$180 million or US$2.12 per diluted share for the quarter ended Sept. 30.

The loss compared with a profit of US$602 million or US$6.76 per diluted share in the same quarter last year.

Onex has US$47.2 billion in assets under management, including US$7.6 billion of its own investing capital.