The Globe and Mail reports in its Thursday edition that Power Corp. of Canada named James O'Sullivan as its next chief executive officer on Wednesday, succeeding Jeffrey Orr as head of the Montreal financial-services powerhouse. The Globe's Andrew Willis writes that Mr. O'Sullivan, currently CEO of Power-controlled Investors Group parent IGM Financial, will take over for Mr. Orr, aged 68, on July 1. He is the second CEO from outside Montreal's Desmarais family, which has controlled Power since 1968. Mr. O'Sullivan, aged 62, joined IGM, one of the country's largest asset managers, in 2020 after a 29-year career at Bank of Nova Scotia. On Wednesday, Winnipeg-based IGM Financial announced that Damon Murchison will succeed Mr. O'Sullivan as CEO of the company and retain his position as CEO of IG Wealth Management. Mr. Murchison joined IGM Financial 11 years ago. Mr. Murchison came up the sales side of the asset-management business, with executive roles at the Canadian arm of Fidelity Investments and Manulife Financial before joining Power-controlled Mackenzie Investments in 2014. Toronto-traded Power Corp. has $3.6-trillion in assets under administration and 40,000 employees. Its market capitalization is $42-billion.