01:59 PM EDT, 10/02/2024 (MT Newswires) -- Power Corp (POW.TO) on Wednesday appointed Bruce Heyman, a former U.S. Ambassador to Canada, as chief executive officer of its Power Sustainable unit, an alternative asset manager.

The company said Heyman has a mandate to "accelerate growth, particularly in the U.S. market, and to further establish Power Sustainable as a global leader in sustainable investments".

Heyman has served as a Senior Advisor to Board chair Oliver Desmarais since 2021. He served as the Obama Administration's ambassador to Canada from 2014 to 2017.

Since its founding five years ago, Power Sustainable has grown rapidly and had $3.9 billion in assets under management as of June 30.

"Bruce is the perfect person to lead Power Sustainable as we enter this growth phase. His track record and leadership in both the private and public sectors, combined with his conviction in the opportunity of sustainable economic growth, make him ideally suited to help us expand our footprint, particularly in the U.S. market," Desmarais said in a release.

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