08:04 AM EDT, 03/11/2024 (MT Newswires) -- Philippe Jette has retired as president and chief executive officer of Cogeco Inc. ( CGECF ) and Cogeco Communications Inc. ( CGEAF ) , according to a news release on Monday.

The boards of Cogeco ( CGECF ) and Cogeco Communications ( CGEAF ) have tapped Frederic Perron as president and CEO and director of both companies, effective immediately.

Perron previously served as president of Cogeco Connexion, Cogeco's ( CGECF ) Canadian broadband business. Jette will serve as a strategic adviser to the incoming CEO and the boards until Aug. 31.

Jette will also step down as a director of both companies.

Meanwhile, National Bank said Monday that the news is a "surprise" as Jette was in his role for less than six years, and imminent changes were not expected.