MONTREAL – Transat A.T. Is facing pressure to improve its financial performance, according to Charles Emond, CEO of Caisse de dépôt et placement du Québec. The statement comes as Pierre Karl Péladeau continues his efforts to gain control of the travel company, despite opposition from the Fonds FTQ and La Caisse.
Emond’s comments, made on Wednesday, February 25, 2026, highlight concerns about Transat’s significant debt load. Le Journal de Montréal reported that Emond believes improved performance is crucial for the company’s future.
Péladeau, who holds nearly 10% of Transat’s shares, has been pushing for changes to the company’s board of directors. In December, he called for an extraordinary meeting to reduce the board from 11 to 6 members, with three selections made by Québecor’s CEO. This move is part of a broader effort to influence the direction of the airline, which has faced turbulence since the pandemic.
Despite the support of the Fonds FTQ and La Caisse for Transat’s current board, Péladeau remains undeterred. Les Affaires reported that Péladeau stated, “I can produce do with [the lack of support from La Caisse and the Fonds]. But it could be a process that could last a few years. I am in good health, I am not in a hurry.”
Péladeau believes a significant overhaul of the board is necessary, particularly due to the debt agreement with the federal government, which he intends to renegotiate. He argues that the current conditions hinder potential investment in Transat and put the company at risk. Journal de Québec detailed Péladeau’s continued determination to lead and restructure Air Transat.
Transat has responded to Péladeau’s actions, characterizing him as an activist investor. The company has sent a letter to shareholders urging them to vote in favor of the current board. Zonebourse reported on Transat’s direct communication with shareholders.
The outcome of this power struggle will be determined at an extraordinary shareholders’ meeting on March 10. Pax Nouvelles reported that the board is actively campaigning for shareholders to support its position.
The situation underscores the challenges facing Transat as it navigates a competitive landscape and seeks to regain financial stability. The ongoing dispute highlights the differing visions for the future of the company and the potential for significant changes in its leadership and strategy.
