Gerry Schwartz will step down as chief executive officer of Onex Corp., the Canadian private equity firm he’s managed for nearly 40 years after shareholders agreed to extend his voting control until 2026.

Investors backed the firm’s succession plan at the annual meeting by allowing Schwartz to hang on to the special rights attached to his multiple-voting shares for three more years. Bobby Le Blanc, who was promoted to president in 2020, will replace the founder as CEO. Schwartz will remain chairman.

“Onex is on a certain path to a one-share, one-vote structure,” Schwartz told shareholders, as reported by Bloomberg News.