STELLARTON, NS - President and CEO of the Sobeys chain and its parent, Empire Co., Marc Poulin, has announced an abrupt departure.
Effective immediately, the chain has announced that Empire’s current Chief Financial Officer, Francois Vimard, will be stepping in as an interim leader in Poulin’s place.
“On behalf of the Board, I would like to thank Marc for his efforts and leadership as CEO over the past four years and, prior to that, for the important role he played in developing our Quebec business,” said Rob Dexter, Chair of Empire Company Limited, according to a press release.
Vimard will also be stepping into Poulin’s place on the Empire Board of Directors. He joined the Sobeys team in 1995, bringing with him more both experience and knowledge of Empire and Sobeys, as well as more than 30 years of experience in the food retailing business.
Clinton Keay, Empire’s Executive Vice President of Finance, will step in as Interim Chief Financial Officer.
The announcement has caused a flurry of speculations as to the cause, with the company having recently reported a sizeable loss in its Q4 2016 financial report tied to its acquisition of Safeway Canada, as reported by CBC News. The company, however, did not announce an official reason for Poulin’s sudden departure.
While Dexter acknowledged that Empire faced significant challenges over the past year, he expressed confidence in the change in leadership and Vimard’s capabilities.
“The Board of Directors is unanimous in its support of François Vimard’s leadership as we undertake this succession process,” Dexter continued. “Despite the significant challenges we have faced over the past year, the Board is confident the company is pursuing the right strategy. It is our clear expectation that François and his strong and experienced leadership team will prioritize and advance the most critical elements of the company’s strategy to ensure we meet the needs and expectations of our customers and see the return of long-term profitable growth for the company.”
As we await a decision on who will become the next permanent leader for the Canada-based retailer, AndNowUKnow will continue to report on any further developments as they become available.
