Succession Process Underway
STELLARTON, NS, Feb. 8, 2012 /CNW/ - Empire Company Limited's Board of
Directors today announced that Bill McEwan, President and CEO, Sobeys Inc., has expressed his intention to
retire early in the company's next fiscal year due to a continuing
health issue. The implementation of the company's succession process to
replace Mr. McEwan is underway.
"Bill recently advised our Board of his intention to retire and we
obviously respect and support the decision he has made," said Rob
Dexter, Chair, Empire Company Limited. "Our succession process has been
designed to identify a successor who will continue to drive the
Company's food focused strategy forward. We will consider all suitable
candidates and are fortunate to have very strong internal candidates."
The succession process is being overseen by the Board's Human Resources
Mr. McEwan, who has been President & CEO of Sobeys since November 2000, will
continue in his role until the completion of a successful transition
expected early in the company's next fiscal year which begins May 6,
"Although Bill has advised of his intentions to retire for personal
reasons, it is important to note that Sobeys' progress and performance
will continue under his very capable leadership, including the
advancement of all the strategic initiatives currently underway during
this orderly transition period. We continue to be very supportive of
these initiatives and are pleased with the progress being made at
Sobeys," added Paul Sobey.
About Empire Company
Empire Company Limited is a Canadian company (TSX:EMP.A; EMP.PR.B)
headquartered in Stellarton, Nova Scotia. Empire's core businesses
include food retailing and related real estate. With over $16 billion
in annual sales and approximately $6.5 billion in assets, Empire and
its related companies employ approximately 49,000 people. More
information about Empire can be found at www.empireco.ca.
About Sobeys Inc.
Proudly Canadian, with headquarters in Stellarton, Nova Scotia, Sobeys
has been serving the food shopping needs of Canadians for 104 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, and Thrifty
Foods, as well as Lawton's Drug Stores. 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
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