Boucherville, Quebec-based RONA has entered into an agreement with two of its largest shareholders, Caisse de dépôt et placement du Québec and Invesco Canada, providing for, among other things, 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 Paré, who will continue to serve as a board member.
The following people will also join RONA’s board:
Alain Michel and Patrick Palerme resign from RONA’s Board, effective immediately, to allow for its reconfiguration.
In addition, two other Board members, 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 CEO will also join the board on appointment in replacement of a current director.
As a result of the changes, the total number of RONA directors will increase from 12 to 14, eight of whom will be new directors.
“I am delighted to welcome Robert Chevrier to the RONA board,” Paré said. “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.”
RONA has retained the services of a global management consulting firm to accelerate progress on its strategic priorities announced in December.