Quebecor World Names New Leaders, Sees Profit Soar
Quebecor World Inc. yesterday announced a big improvement in profit for last year and named two former Donohue executives to lead the company.The company saw strong performance in its North American catalog/magazine business for fourth-quarter 2002, but weaker than expected results in its North American commercial/direct group.
Quebecor World, Montreal, earned $279.3 million last year for the year ended Dec. 31, up from $22.4 million in 2001, when profits were hurt by restructuring and other charges. Fourth-quarter revenue increased to $1.69 billion from $1.62 billion in the same period of 2001.
Also yesterday, two former executives of paper company Donohue Inc., which Quebecor bought and later sold, were named to the management team. Michel Desbiens replaces Charles Cavell as CEO, while Claude Helie was named chief financial officer. Cavell will remain as deputy chairman of the board.
With 40,000 employees in 160 facilities, Quebecor is the world's largest commercial printer. It announced several contract wins last year, including USA Weekend, Simon & Schuster, Albertsons, Rogers Publishing, Avon, Reader's Digest, Telefonica and Abril.
