BOUCHERVILLE, QUEBEC -- (Marketwire) -- 01/21/13 -- RONA inc. (TSX: RON)(TSX: RON.PR.A), the largest distributor and retailer of hardware, home renovation and gardening products in Canada, today announced that it has entered into an agreement with two of its largest shareholders, Caisse de depot et placement du Quebec and Invesco Canada Ltd., providing for, among other things, several changes to its Board of Directors.
Robert Chevrier, FCA, Chairman and Director of UniSelect and, until today, Chairman and Director of Richelieu Hardware, joins RONA's Board as Executive Chairman, effective immediately. He replaces Robert Pare, who steps down as Chairman but continues to serve as a Board member.
The agreement further contemplates that the following individuals immediately join RONA's Board:
-- Bernard Dorval, former Group Head of Insurance & Global Development at TD Bank Financial Group and Deputy Chair at TD Canada Trust;-- Wesley Voorheis, partner at Voorheis & Co. LLP and Managing Director, VC & Co. Incorporated;-- Guy Dufresne, Corporate Director and former President and Chief Executive Officer of ArcelorMittal Mines Canada Inc.; and-- Barry Gilbertson, principal with Barry Gilbertson Consultancy.
Alain Michel and Patrick Palerme resign from RONA's Board, effective immediately, to allow for its reconfiguration.
In addition, two other Board members, Mr. Steven Richardson and an additional nominee, will be included in the Corporation's circular for election at RONA's next annual general meeting of shareholders in replacement of two current directors who will not stand for re-election. The new Chief Executive Officer will also join the Board on appointment in replacement of a current director. Under the agreement, Caisse de depot et placement du Quebec and Invesco Canada have indicated to RONA that they will support the election of the Corporation's full slate of Director nominees at the next annual general meeting of shareholders on May 14, 2013. As a result of the foregoing changes, the total number of RONA directors will increase from 12 to 14, eight of whom will be new directors.
In commenting the changes, Mr. Pare said, "I am delighted to welcome Robert Chevrier to the RONA Board. He is a seasoned corporate director with tremendous industry experience, having served as CEO and Chairman of Rexel Canada Electrical Inc. and Chairman and Director of Richelieu Hardware. Robert has strong expertise in RONA's main operating segments of retail, distribution and commercial and professional. The Board is confident that he has the unique experience required to lead the Board as the Company executes on its strategic and financial priorities."
Mr. Pare continued, "Robert, Bernard, Wesley, Guy and Barry collectively bring a strong track record of operational, retail and distribution success, along with significant leadership experience on public company Boards. In addition to their expertise, they will bring a more diverse geographic representation. This is a very important moment for the Company as it focuses on achieving its full potential. Finally, I would also like to thank Messrs Michel and Palerme for their valuable insight and contribution to the Board since their respective nominations."
