Canada's Rona reshuffles board in face of investor pressure
TORONTO Jan 21 (Reuters) - Rona Inc named a new executive chairman and reshuffled its board of directors on Monday, after reaching an agreement with its largest shareholders, who have been calling for changes at the Canadian hardware retailer and distributor.
The company said it has tapped Robert Chevrier, the former chairman and director of rival distributor Richelieu Hardware Ltd, as its new executive chairman.
Chevrier will replace Robert Pare, who has stepped down as chairman but continues to serve as a board member, Boucherville, Quebec-based Rona said on Monday.
The company, which also named four other new board members, said the moves come following an agreement with its two largest shareholders, Caisse de depot et placement du Quebec and Invesco Canada Ltd.