RONA reshuffles board of directors
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:
- Bernard Dorval, former group head of Insurance & Global Development at TD Bank Financial Group and deputy chair at TD Canada Trust;
- Wesley Voorheis, partner at Voorheis & Co. and managing director, VC & Co. Incorporated;
- Guy Dufresne, corporate director and former president and CEO of ArcelorMittal Mines Canada Inc.; and
- Barry Gilbertson, principal with Barry Gilbertson Consultancy.
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.
Central Garden & Pet names new president, CEO
Central Garden & Pet has announced that John Ranelli has been named president and CEO, effective at the company’s annual shareholder meeting on Feb. 11, 2013. Ranelli has been a member of the board of directors of Central Garden & Pet and a member of the board’s audit committee since 2010. He will remain on Central’s Board.
Bill Brown, Central’s chairman and CEO, will continue as chairman.
"Over the last two years, John has become a leader on our board and a trusted partner," Brown said. "His close to 40 years of experience in building consumer products companies will be invaluable as we position Central for the next phase of growth and continue our transition to an integrated branded consumer products company."
Ranelli has served as CEO of Mikasa Inc., a global dinnerware, crystal and home accessories company; of FGX International (FosterGrant), a global optical company; and, most recently, of Woolrich Inc., an outdoor clothing company. He has served as an adviser to companies and private equity firms since leaving Mikasa Inc. when it was sold in 2008. Previously, he served in senior executive capacities with The Timberland Co., Stride Rite, Deckers Outdoor and TLC Beatrice. He has served on the boards of GNC, Deckers Outdoor Corp, Party City and Woolrich. Ranelli will continue to serve on the Woolrich board as non-executive chairman.
Remodeling Market Index rises in Q4
The Remodeling Market Index (RMI) reached 55 in the fourth quarter of 2012, up five points from the previous quarter, according to the National Association of Home Builders (NAHB). This is the highest reading since the first quarter 2004.
“Remodelers are optimistic about the outlook for slow and steady market growth in the new year,” said 2013 NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. “Professional remodelers reported more work from large and small projects as well as overall home repair.”
An RMI above 50 indicates that more remodelers report market activity is higher (compared with the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity.
Future market indicators increased from 49 in the previous quarter to 56. Current market conditions rose from 52 to 54. Remodelers indicated that activity was particularly strong in owner-occupied properties.
The RMI was above 50 in all four regions of the country. The RMI in the Northeast surged 24 points, due to the start of remodeling work related to Superstorm Sandy damage.