Dollarama Inc said March 29 that Stephen Gunn will succeed founder Larry Rossy as chairman of the board. Rossy will be named Chairman Emeritus and not stand for re-election as a director. The appointments are effective on June 7. Gunn has been Dollarama’s Lead Director since 2009.
MONTRÉAL, March 29, 2018 /PRNewswire/ – Dollarama Inc. (TSX: DOL) (“Dollarama” or the “Corporation”) announced today that Stephen Gunn will be appointed Chairman of the Board succeeding Dollarama founder Larry Rossy, who will be named Chairman Emeritus and not stand for re-election as a director. These appointments will be effective following the upcoming Annual Meeting of Shareholders on June 7, 2018, assuming the election of the Corporation’s director nominees at such meeting.
“After a lifetime in the retail industry, it is time for me to step down from active duty, while remaining a mentor and advisor to the management team. I am proud of all that we have accomplished, and of the strong and dynamic team leading the company’s growth,” said Larry Rossy. “I have full confidence in Steve Gunn and the Board, and their ability to ensure the continued stewardship of one of Canada’s leading value retailers.”
“I feel very privileged to take on this role, and look forward to continuing to work with the Board and the company’s seasoned management team, led by Neil Rossy, to pursue Dollarama’s growth strategy in the coming years,” said Stephen Gunn. “Larry Rossy is an inspirational Canadian entrepreneur who has transformed Canada’s retail landscape. The Board and I are grateful to be able to continue to count on his knowledge and insights as Chairman Emeritus. On behalf of the Board, I wish to thank Larry and acknowledge his exceptional leadership in business and philanthropy.”
Stephen Gunn has been Dollarama’s Lead Director since 2009, bringing extensive retail industry, strategic planning, business development and corporate governance experience to the Board’s deliberations. He is co-founder of Sleep Country Canada, the country’s leading mattress retailer, having served as chief executive officer from 1997 to 2014.
The Corporation also announced the appointment of Kristin Williams Mugford as an independent director effective immediately. Kristin has extensive experience in corporate finance, including 20 years with Bain Capital, joining the private equity business in 1994, where she focused on the consumer and media industries, before becoming the firm’s first female managing director and eventually helping to start Bain Capital Credit. She began her career at the Walt Disney Company. Currently, Kristin is the Melvin Tukman Senior Lecturer of Business Administration in the Finance Unit at the Harvard Business School. She is a member of the boards of Towne Park, Fidelity Charitable and New Profit.
Dollarama is a recognized Canadian value retailer offering a broad assortment of everyday consumer products, general merchandise and seasonal items. Our 1,160 locations across Canada provide customers with compelling value in convenient locations, including metropolitan areas, mid-sized cities and small towns. Our quality merchandise is sold in individual or multiple units at select, fixed price points up to $4.00.