Quebecor World chief Lucas replaced
EmptyTORONTO -- Quebec media giant Quebecor on Monday replaced the head of its commercial printing division as doubts about its financial liquidity grew.
Wes Lucas will leave as president and CEO of Quebecor World after he took the job in April 2006. He will be replaced by Jacques Mallette, the company's executive vp and CFO.
Quebecor World said Lucas was departing "to pursue other opportunities" in the U.S. market.
The shuffle at the top follows Quebecor World last week indicating that it failed to sell off its European printing operations to Dutch rival RSDB NV. Earlier, it canceled a $750 million refinancing plan amid the current credit crunch in the financial markets.
Quebecor's broadcast arm Quebecor Media runs Videotron, Quebec's largest cable operator; TVA Group, the province's largest French-language over-the-air network; and a range of cable channels.