Michael D. Penner

Biography

Michael D. Penner is a lawyer, entrepreneur and chairman with a leadership record of orchestrating paradigm change in both the private and public sectors. Prior to selling Peds Legwear (Peds) to Gildan Activewear Inc. in August 2016, Mr. Penner was the company’s President and Chief Executive Officer. In October 2014, the Québec government appointed him as Chairman of the Board of Hydro-Québec, Canada’s largest electric utility and power generation company and the world’s fourth largest hydropower producer. As Chair of Hydro-Québec, Mr. Penner helped lead the renewal of this iconic symbol of the Québec economy. After years of challenging relations between this 14-billion dollar company and its various stakeholders, Mr. Penner embarked on an “evolutionary” transformation of the enterprise. Accomplishments to date include the appointment of a majority of new board members (with gender parity); the recruitment of a new CEO, a new Secretary General, two new division presidents and a new CIO. Under his leadership, Hydro-Québec’s governance has been modernized and revitalized. New board committees have been established, including an IT committee, and a comprehensive five-year Strategic Plan has been completed and adopted. Mr. Penner is also active internationally, accompanying the Premier of Québec to COP 21 in Paris in 2015. He represents Hydro-Québec on the board of GSEP (Global Sustainability Electricity Partnership), a not-for-profit organization which brings together leading electricity companies such as State Grid, AEP, EDF, ENEL, Iberdrola, RWE and Electrobras. He serves as co-chair of Hydro-Québec’s Centraide campaign, one of the largest in Canada. In this capacity, he spearheaded a 25% increase in the company’s contribution, bringing it to over 5 million dollars in 2015. He also acts as Chair of the Montréal Museum of Fine Arts’ annual fundraising activity. Mr. Penner has been active in the community, serving on the Board of Directors of Les Grands Ballets Canadiens de Montréal, Selwyn House School, Hofstra University School of Law and McGill University Football. Michael Penner acquired Peds in 2006 and spearheaded its transformation from a small regional player to an international industry leader. In 2011, the company expanded into the United States, acquiring a failed hosiery company in North Carolina, investing heavily in its turn-around and eventually reshoring over 200 jobs. In recognition of his contribution to the U.S. economy, President Obama invited Mr. Penner to meet with him at the White House in May of 2014 and highlighted the Peds story in his address to the Select USA annual conference in Washington, D.C. in 2015. In 2016, President Obama addressed the Canadian Parliament and again made reference to the Peds’ North Carolina story of reshoring leadership. Since 2011, Peds’ growth in the U.S. market has been exceptional. The company eventually gained the number one market share in its legwear category. Gildan acquired Peds with an eye to leveraging this success and broadening its distribution channels on a global scale. Mr. Penner holds a Bachelor of Arts degree from McGill University and a law degree from Hofstra University.

Research Interest

Business and Management