Andrew Iacobucci named new RONA Inc. CEO one day after company announces job cuts
The Canadian Press
RONA Inc. says Andrew Iacobucci is taking the helm as the company's new CEO.
The announcement comes one day after the retailer announced it was eliminating 500 jobs across the country, saying it needed to adapt to reflect new market realities amid a slowing economy.
The Boucherville, Que.-based home improvement retailer says in a press release that Iacobucci brings almost 30 years of experience to the role, most recently as executive vice-president and chief commercial officer at distribution company US Foods.
Iacobucci also previously worked at Loblaw Co. Ltd.
RONA says Iacobucci will reside in the Boucherville area to work at the company's head office.
It says interim CEO Garry Senecal will stay with the company until the end of the year to ensure a smooth transition.
The company says while Iacobucci learned French during his studies, by the time his nomination comes into effect in July, he will have completed a four-week French immersion program with a language school in Quebec City.
In November, Lowe's announced it was selling its Canadian retail business, including RONA, to New York-based private equity firm Sycamore Partners.
The retailer says it operates or services around 425 corporate and affiliated stores under different banners across the country. It says it has 22,000 employees.
RONA INC. GETTING RID OF 500 JOBS
ACROSS CANADA, CITING 'NEW MARKET
REALITIES'
The Canadian Press
RONA Inc. says it's eliminating 500 jobs across Canada in a bid to simplify its organizational structure.
The Boucherville, Que.-based home improvement retailer says in a press release Thursday evening that it needed to adapt to reflect new market realities amid a slowing economy.
The Canadian economy has been showing some signs of weakness amid higher interest rates as the central bank seeks to quell inflation.
However, GDP grew at an annualized rate of 3.1 per cent in the first quarter, beating expectations.
The Canadian consumer has proven resilient amid tightening conditions, with household spending helping to buoy the economy's growth in the first quarter.
In November, Lowe's announced it was selling its Canadian retail business, including RONA, to New York-based private equity firm Sycamore Partners.
RONA says it operates or services around 425 corporate and affiliated stores under different banners across the country. It says it has 22,000 employees.
The company says decisions like these are never taken lightly, and it will support affected employees throughout the transition.
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