METRO INC. Announces Board Chairman Réal Raymond Retirement, Appointment of Pierre Boivin as Incoming Chairman

MONTREAL, Dec. 14, 2020 /CNW Telbec/ - METRO INC. (TSX: MRU) announces the retirement of Réal Raymond, Chairman of the Company's Board of Directors. His retirement will take effect at the conclusion of METRO INC.'s coming annual general meeting of shareholders (AGM) on January 26, 2021, when Pierre Boivin, a current independent director of the Board, will become Chairman, assuming he is re-elected by the shareholders at the AGM.

Following a distinguished career at the National Bank of Canada where he held various positions, including President and Chief Executive Officer, Mr. Raymond joined METRO INC.'s Board of Directors in 2008. He became Lead Director in 2010 and then Chairman of the Board in 2015. "On behalf of all shareholders, I wish to acknowledge the strong leadership of Réal Raymond who is retiring as Chairman after serving METRO so well for all of these years", said Eric La Flèche, President and Chief Executive Officer of METRO INC. "Réal's guidance and steadfast support of management have been essential to the success of METRO's growth strategy. We wish him the very best as he retires from our Board."

Mr. Pierre Boivin was appointed to METRO INC.'s Board of Directors in 2019. He is President and Chief Executive Officer of Claridge Inc., a private investment firm. He is also a member of the board of directors of various large Canadian corporations including the National Bank of Canada. From 1999 to 2011, Mr. Boivin was President and Chief Executive Officer of the Club de hockey Canadien Inc., the Bell Centre and evenko.

"It is an honour and a privilege to be selected by the Board as incoming Chairman. I very much look forward to helping METRO, one of the best food and pharmacy distributors and retailers in Canada, continue its growth and development," said Mr. Boivin. "Réal Raymond has been an excellent Chairman of the Board at a time of significant growth for the Company. On behalf of the Board, I extend our sincere gratitude and appreciation to Réal for his contribution to METRO's success."

METRO INC.

With annual sales of almost $18 billion, METRO Inc. is a food and pharmacy leader in Québec and Ontario. As a retailer, franchisor, distributor, and manufacturer, the company operates or services a network of some 950 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as some 650 drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners, providing employment to almost 90,000 people. For more details, visit corpo.metro.ca.

SOURCE METRO INC.

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