STELLARTON, NS, Oct. 15, 2013 /CNW/ - Empire Company Limited today
announced its long-term succession plan.
Paul D. Sobey, a 32-year Empire employee, who has served as President
and Chief Executive Officer since 1998, will retire from his position
on December 11, 2013, while continuing as a director of the company.
"With the imminent closing of the Canada Safeway acquisition, Empire
will be a truly operationally-focused, leading grocery retailer in this
country. As such, the time is right for the transition of leadership,"
Mr. Sobey said.
Marc Poulin, President and Chief Executive Officer of Sobeys Inc., will
become President and Chief Executive Officer of Empire Company Limited
effective December 12, 2013. Mr. Poulin will remain as President and
Chief Executive Officer of Sobeys Inc.
Mr. Poulin joined Sobeys in 1997. He has held various senior executive
roles with the company, including President of Sobeys' Québec division
for 11 years prior to his appointment as President and CEO of Sobeys
Inc. in June 2012.
"Our shareholders have truly benefited from our unwavering focus and
commitment of continuously reallocating our capital and our management
focus on the growth and development of our Sobeys food and related real
"I am very pleased that the board has appointed Marc Poulin to succeed
me. Marc has been a major contributor to Sobeys' success and is
extremely well positioned and ready to lead Empire as we integrate and
capitalize on this new and exciting platform for growth.
"It has truly been an exciting 15 years as President and CEO, and I have
been honoured to lead our company during this period. I look forward to
assisting Marc and the board in the transition while continuing to
serve as a director," Mr. Sobey continued.
Rob Dexter, Chair of Empire Company Limited's board of directors said:
"On behalf of the board, I thank Paul Sobey for his extraordinary
accomplishments as CEO and throughout his 32-year career at Empire.
Under his leadership, the company has transformed from a regional food
retailer with other diversified operational investments and under $3
billion in sales, to a truly operationally-focused, national food
retailer with pro-forma sales of $24 billion.
"The board has carefully planned for this leadership succession. Marc
is a seasoned and highly qualified food retailer with a solid
reputation across the industry and proven abilities to lead Empire's
food-focused strategy going forward."
Mr. Poulin said: "I am honoured by the board's confidence in me. Our
management teams are extremely excited about the Canada Safeway
acquisition including the opportunity for long-term, sustainable value
creation through cash flow, income growth and equity appreciation
associated with this acquisition and future growth of our business."
About Empire Company Limited
Empire Company Limited (TSX: EMP.A) is a Canadian company headquartered
in Stellarton, Nova Scotia. Empire's key businesses include food
retailing and related real estate. With over $17 billion in annual
sales and approximately $7.1 billion in assets, Empire and its
subsidiaries directly employ approximately 47,000 people.
Additional financial information relating to Empire, including the
Company's Annual Information Form, can be found on the Company's
website at www.empireco.ca or at www.sedar.com.
About Sobeys Inc.
Proudly Canadian, with headquarters in Stellarton, Nova Scotia, Sobeys
has been serving the food shopping needs of Canadians for 105 years. A
wholly-owned subsidiary of Empire Company Limited (TSX:EMP.A), Sobeys
owns or franchises more than 1,300 stores in all 10 provinces under
retail banners that include Sobeys, IGA, Foodland, FreshCo, Thrifty
Foods, Lawton's Drug Stores as well as more than 260 retail fuel
locations. Sobeys and its franchise affiliates employ more than 95,000
people. The company's goal is to be widely recognized as the best food
retailer and workplace environment in Canada. More information on
Sobeys Inc. can be found at www.sobeyscorporate.com.
SOURCE: Empire Company Limited
For further information:
Communications & Corporate Affairs
Empire Company Limited
(902) 755-4440 ext. 3499