Denis Ricard – The Culture Builder

A path of growth and determination

Denis Ricard began his career in 1985 as a recent graduate of Université Laval and trained as an actuary. He began his career in a technical environment, but was committed from the outset to evolving, learning and broadening his horizons. Denis divides his career into three main phases: a learning phase, an intentional management phase and, finally, a visionary phase in which he assumes increasingly broader roles.

The first phase covers the first fifteen years of his career, which was a period of intense learning. His aim was to broaden and deepen his knowledge, including moving to Vancouver to perfect his English. At the time, he had no specific career direction in mind; for him, learning was an end in itself.

A key moment came at the end of the 1990s, triggering the second phase of his career. It was then that he realized where he wanted his career to go and set himself the ambition of one day becoming the company’s Chief Actuary. Still convinced of the importance of developing his expertise, he stepped outside his specialty to explore marketing, a cross-disciplinary expertise that would eventually make him a better Chief Actuary. This phase taught him the importance of making intentional moves in his career and developing himself in several different fields.

In 2010, he embarked on the third phase of his career, as he considered the possibility of one day becoming iA’s CEO. He then turned his attention to business development, once again to broaden his knowledge and experience, with a gradual increase in responsibilities. After leading several major divisions, he was ready for the role of President and CEO in 2018. As he states:

“To lead well, you have to have depth. I look for my people to exercise judgment, which is something you learn through many different experiences.”

Building a high-performance team

Denis Ricard’s vision of leadership is clear: to surround himself with a high-performance executive team made up of leaders capable of stepping outside their specialty, actively contributing to the global vision and working together in a spirit of openness and respect. He rejects the model of leaders with oversized egos, because for him, a true leader must be like a good conductor: able to recognize the best talents, make them harmonize and let their contributions shine through to the company.

In his view, the key to a successful management team lies in surrounding oneself with “A+ players”: well-rounded leaders with broad experience and the ability to step out of their comfort zone. To this end, he actively encourages professional development and mobility within the organization, believing that this contributes as much to the growth of the organization as the individuals themselves.

The power of communication and trust

A natural communicator, Denis Ricard has a talent for making complex ideas accessible. Having taught as a lecturer at Université Laval early in his career, he honed his skills by adapting to his audience, repeating and simplifying his message to ensure understanding. An example that stands out for him is iA’s demutualization formula in 2000, which he was able to communicate in a simple and accessible way, despite its initial actuarial complexity.

Transparency and trust are at the heart of his leadership. He values those who bring issues to the surface, who are not afraid to make problems visible, because he firmly believes that transparency is the key to trust. He insists to his team:

“Transparency, trust. I often repeat: let’s make the problems visible and work together to solve them. As CEO, I put a lot of energy into developing and maintaining trust within the Executive Committee.”

For him, recognizing and valuing the initiative of leaders who point out problems is the first step in cultivating this trust. He sees feedback as a mark of respect and care, essential to individual growth. He recalls an important piece of feedback he received in 2010, which prompted him to contribute beyond his financial expertise, demonstrating the importance of openness and collaboration.

A culture of performance, based on the common good

The “best interests of the organization” culture (“serving the elephant!”) is a fundamental quality at iA, which Denis has observed throughout his career. New employees are often surprised by the collaborative atmosphere and the absence of internal politics at iA. All efforts are geared towards shared success, while taking care of each other.

In fact, right from the start of his tenure as CEO, he worked with the members of his executive committee to establish a clear, shared “modus operandi”. He wanted to set the tone within his own team for the values of transparency and authenticity that he holds dear.

Denis likes to stay close to people, and creates many opportunities for discussion: monthly town halls, spontaneous visits, coffee meetings, participation in distribution network events. He is keen to maintain real contact with iA employees and believes in the power of repeating key messages. Today, he devotes much of his energy to preparing the next generation, looking for leaders who are curious, passionate and capable of challenging themselves. For him, growth requires a willingness to step out of one’s comfort zone, and he emphasizes the development of a “growth mindset” within the company, not only for the company itself, but also to help the people who work there develop their potential.

Outside of work, Denis Ricard is an avid reader and nature lover. He plays music and is a regular runner and swimmer, two sports in which he loves to push the limits of his abilities. And that’s not counting the occasional game of ping-pong at the office, where he’s known as an energetic and tenacious player!

He is also very involved in various philanthropic causes. For him, giving back to those less fortunate is both a duty and a privilege.

Denis Ricard’s leadership embodies a blend of rigour, courage and humility. He is a culture builder who, through every stage of his career, has created the conditions for others to rise with him. At iA, he embodies modern leadership, which values authenticity, simplicity and performance. His career is that of a man who has combined passion and duty. As he puts it so well:

“I love what I do. I think every person, in their life, needs to reflect on what they love, what they’re good at, and what they can become the best in the world at. And then we simply have to move forward and trust in our abilities.”