Lowe’s Canada CEO who oversaw acquisition of Rona retires at age 55

 

Lowe's Canada CEO Sylvain Prud'homme meets with media following the closing of the purchase of Rona hardware stores, Tuesday, May 24, 2016 in Longueuil, Que. THE CANADIAN PRESS/Paul Chiasson

MONTREAL — The head of Lowe’s Canada has retired about four years after he guided the U.S. home renovation retailer’s acquisition of the Quebec-based Rona chain.

Sylvain Prud’homme, 55, is being replaced by Tony Cioffi, executive vice-president finance, real estate and dealers, until a permanent replacement is named.

Appointed head of the retailer’s Canadian division in 2013, Prud’homme has also overseen the company’s activities in Mexico since 2017.

At a time when Lowe’s performance is improving in the United States, the picture is different in Canada with Lowe’s CEO last August blaming a decline in same-store sales largely on the integration of Rona.

After a failed first attempt in 2012, Lowe’s acquired Rona in 2016 for $3.2 billion. However, the North Carolina-based retailer took a $1.2-billion impairment charge earlier this year.

In addition, Lowe’s incurred restructuring costs when it announced in November 2018 the closure of 31 operations in Canada, including 24 Rona stores, two Lowe’s locations and one Reno-Depot.

“After more than 35 years in the retail industry in roles that have taken me across the country, including six years with Lowe’s Canada, it is with mixed feelings that I am announcing my retirement,” Prud’homme said in a news release.

This report by The Canadian Press was first published Oct. 4, 2019.

The Canadian Press

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