Rona board of directors being renovated as major shareholders back reform drive
BOUCHERVILLE, Que. - The Rona Inc. board of directors is being renovated under the watchful eye of two major fund managers that have a large stake in the struggling retailer.
Rona (TSX:RON).has been under fire from many investors since the Montreal-area company defeated a proposed takeover attempt by Lowe's.
The chairman of Richelieu Hardware (TSX:RCH), Robert Chevrier, is being installed as the new chairman of the board at Rona
Rona's current chairman, Robert Pare, will remain on Rona's board but two other directors are resigning immediately.
The shakeup also calls for several new members to the board, which will add two seats for a total of 14 directors.
The embattled company says the changes have the backing of two major investors, the Caisse pension system and Invesco