Just Weeks Into Job Quebecor CEO Resigns

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Michel Desbiens, president/CEO of commercial printing giant Quebecor World Inc., cited family issues as he announced his resignation yesterday, just a few weeks after he took over the role.

In a statement, Desbiens said family issues that had "come to light in recent weeks" impeded his ability to focus on his role as president/CEO. Desbiens, a former executive with paper company Donohue Inc., replaced Charles Cavell as CEO in early February.

Further details of Desbiens' departure were not disclosed. Jean Neveu, who served as Quebecor president/CEO from 1989 to 1997 and as chairman of its board of directors from 1989 to 2002, will serve as interim replacement for Desbiens.

Also yesterday, Quebecor said it expected a net income of $24 million to $29 million for the first quarter of 2003. The performance reflected a continuing weakness and decreased prices in the North American print market, Quebecor said.

In addition, Quebecor's French operations continue to underperform, the company said. In February, Quebecor announced a restructuring plan to reduce the costs of its French operations.

The first quarter tends to be a seasonal low point for Quebecor, the company noted.


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