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Penner new chair of Hydro QC
Michael Penner ’86 says his new job as Chairman of the Board of Hydro Quebec is a challenge and “It is a tough job.” But, he adds, “I am loving every minute of it.”
In October 2014 Premier Phillippe Couillard announced that Michael would be taking over the position vacated by Pierre-Karl Peladeau, who resigned from the Chairmanship to run for the Quebec National Assembly.
Michael seems humbled to have taken on the job of stewarding the 70-year-old state enterprise through the next development phase.
“Hydro Quebec occupies a mythical place in our province,” Michael points out. “It is not only a source of pride for Quebecers, but also a motor of our economy with 20,000 employees and close to $14 billion in revenues in 2014. Including royalties on water use, Hydro-Quebec contributes more to the Province’s revenues than almost all other corporate taxpayers—combined”
“Hydro is world renowned for building the cleanest, most robust electrical generation and transmission system in the world,” he says proudly. “Now we must both ensure this legacy for future generations and build upon it at the same time.”
Michael has taken the reins at a time when the leadership of the corporation is in transition. “My first challenge has been to rebuild the board and ensure proper governance is in place, while taking the lead in the recruitment of our new CEO.” This task, he says, has proven to be “challenging but rewarding.”
“With Eric Martel’s recent appointment, the Board’s focus is now on our next strategic plan. This will give Hydro the idea on what best new avenues we have to conquer the world of energy.”
Michael’s plate was already full before he took on the Hydro job. In 2006 he had taken over the helm of PEDS Legwear, formerly Richelieu Legwear, at a time when globalization was shutting down many North American manufacturers. In order
to survive he was forced to transfer production offshore, but a year ago he saw an opportunity to bring back manufacturing to the United States through a $16M acquisition of a North Carolina manufacturer.
The deal went through in large measure due to the support PEDS secured from Wal-Mart, the state of North Carolina and the Buy American program of the United States government. In May of last year Michael found himself joining 10 other heads of manufacturing industry for a special audience at the White House with President Barack Obama, who was trying to promote foreign investment in the US.
All this activity obviously requires Michael to keep several balls in the air at once. “I have had to learn to juggle two jobs, three offices, five kids and one very supportive wife,” he says.
His secret? “You would be amazed at how much work you can get done on airplanes and by giving up golf.”
Back in May of 2009, Michael was named one of Canada’s Top 40 Under 40.
Michael has served Selwyn House both as president of the Old Boys’ Association (2001-2004) and as a member of the school’s Board of Directors (2001-2014) and Chairman of its Governance and Nominating Committee. n
