The Globe and Mail reports in its Tuesday, May 12, edition that Onex founder Gerry Schwartz, 82, has relinquished control of the business he established 42 years ago through a change in voting power that took effect on Monday. The Globe's James Bradshaw writes that three years ago, shareholders approved a plan to end the dual-class share structure that ensured Mr. Schwartz's control. The change introduces a single class of voting shares, granting one vote per share for electing 80 per cent of the board, while holders of multiple voting shares, primarily owned by Mr. Schwartz and his family, can elect the remaining 20 per cent but cannot vote at shareholder meetings, with some exceptions. Mr. Schwartz's interest in Onex made him a billionaire, and he still owns 10.6 per cent of the company's ordinary shares. When Onex proposed the transition plan, Mr. Schwartz initially wanted to retain control for five more years, but the company shortened the period after shareholder feedback. For years, Onex has been working to reinvent itself, most recently under the leadership of chief executive officer Bobby Le Blanc, who took over when Mr. Schwartz stepped down as CEO in 2023. Mr. Schwartz is still Onex's chairman.