The Globe and Mail reports in its Thursday edition that Power Corp. of Canada did not take Jake Lawrence away from Bank of Nova Scotia to simply be the conglomerate's new chief financial officer. The Globe's Andrew Willis writes that the hiring Wednesday of Scotia's head of investment banking is instead part of Power's strategy to secure its next chief executive officer, as it takes a generational approach to leadership and its investments. The Desmarais's family-controlled financial services company recruited Mr. Lawrence, who is in his late 40s, as a potential successor to its 64-year-old CEO, Jeff Orr. Two things stand out about Mr. Lawrence's appointment. First, it signals the future CEO of a Montreal-based company with global reach likely will not have the last name Desmarais. Contenders for Mr. Orr's job also include James O'Sullivan, hired in 2020 as CEO of Power's IGM Financial after running the wealth management arm of Scotia. Second, Mr. Willis says, adding an executive with Mr. Lawrence's deal-making talents shows the children and grandchildren of empire builder Paul Desmarais, who died in 2013, have ambitions to keep expanding a business that already has $2.7-trillion of assets under administration.