Rona reshuffles board amid shareholder pressure
Boucherville, Quebec -- A Monday report by Reuters said that Canadian home-improvement chain Rona Inc. has appointed a new executive chairman and has again shuffled its board in response to mounting investor pressure to make measurable changes.
Rona successfully fought a takeover by Lowe’s Cos. late last year, as the U.S. company offered $1.86 billion to acquire Rona.
Robert Chevrier, former chairman and director of competitor Richelieu Hardware Ltd, has been tapped as Rona’s new executive chairman, replacing Robert Pare, who has stepped down as chairman but continues to serve as a board member.
Rona also named four other new board members, in the wake of an agreement with its two largest shareholders, Caisse de depot et placement du Quebec and Invesco Canada Ltd.