The board of directors of Power Financial Corp. has approved the appointment of Philip Ryan as executive vp and CFO.

Ryan has been employed for 22 years with Credit Suisse Group in financial management roles and in investment banking to financial institutions, including serving as CFO of Credit Suisse Group.

Power Financial says Michel Plessis-Bélair will retire as executive vp and CFO, having passed the corporation’s normal age of retirement. He will continue as a director of Power Financial, Power Corp., and certain affiliated companies.

Plessis-Bélair joined Power Financial in 1986 as senior vp, finance and administration. He was named executive vp and CFO in 1997.

Ryan will also join Power Corp. of Canada as executive vp and CFO.

These executive changes are expected to take effect prior to January 31.

Montreal-based Power Financial is a diversified management and holding company that has interests, directly or indirectly, in companies that are active in the financial services sector in Canada, the United States and Europe. It controls Great-West Lifeco Inc. and IGM Financial Inc.

Power Financial is a member of the Power Corp. of Canada group of companies.