Letko Brosseau & Associates Inc. has appointed David Després as president, effective Jan. 1, 2027, the Montreal-based investment firm announced Monday. He succeeds co-founder Daniel Brosseau, who will move into the role of senior advisor.

The firm called the move part of a long-term succession plan. It also marks Letko Brosseau's 40th anniversary as an independent, knowledge-based investment manager.

Després has spent more than 25 years at the firm. He joined in 2001 and spent 19 years on the investment team, holding roles as investment analyst, portfolio manager and team leader. He was appointed executive vice-president in 2025, overseeing the firm's operations, and serves as chairman of the executive committee and a member of the investment council.

"I am very pleased to see David assume the role of president of Letko Brosseau & Associates, which represents a natural progression from his position as executive vice president," Brosseau said. "He is an exceptional leader with a strong track record of excellence within our firm, including his years on the investment team. His appointment reaffirms our commitment to the firm's independence and continued growth."

"I am honoured to take on this new role as president of Letko Brosseau & Associates and grateful for the confidence of the Board and my colleagues," Després said. "Our firm continues to deliver strong results for our clients as we remain committed to excellence in everything we do."

A decade-long transition

The Globe and Mail reported the succession plan began a decade ago. Després told the paper the Letko and Brosseau families will remain significant shareholders of the privately held firm.

Brosseau co-founded the firm in 1987 with Peter Letko, after the two worked at Canadian National Railway's pension fund. The firm reported $22.5 billion in assets under management as of May.

Over nearly four decades, the company said it has generated more than $45 billion in cumulative gross investment gains for clients, a figure covering Jan. 1, 1988 to June 30, 2026, calculated before management fees.

Letko Brosseau has also built a reputation for shareholder activism. The Globe and Mail noted that in 2019, the firm held a 4% stake in Encana Corp., now Ovintiv, and publicly opposed the company's move to the United States, calling the relocation "contrary to Encana's best interests" and a threat to shareholder value.

Jean Gattuso, chairman of Letko Brosseau's board, credited Brosseau and Letko with building "a firm with a robust foundation for long-term success, recognized for its independence and unique, knowledge-based approach to investing over nearly 40 years."

Brosseau will remain on the firm's board of directors and investment council and will retain his ownership stake. He continues alongside co-founder and senior advisor Peter Letko.

As president, Després will work with the firm's executive team, including Isabelle Godin, Rohit Khuller and Stéphane Lebrun.

Letko Brosseau has offices in Montreal, Toronto and Calgary and manages assets for institutional and private clients.