Retail News Breaks
Shoppers Drug Mart CEO plans to resign
January 27th, 2011
TORONTO – Jürgen Schreiber, president and chief executive officer of Shoppers Drug Mart Corp., is slated to resign next month, and the company has begun a search for his replacement.
Shoppers Drug Mart said Thursday that plans call for Schreiber, who's also a board director, to leave the company on Feb. 15. Schreiber aims to pursue a private equity opportunity outside North America, according to the Canadian drug store chain.
Schreiber has been SDM's chief executive since March 2007. The retailer's board of directors announced that it has begun a global search for a new CEO and has devised an interim succession plan.
Upon Schreiber's resignation on Feb. 15, board chairman David Williams will serve as SDM's president and CEO until a replacement is named. Williams has served as an independent director since September 2003 and was named chairman in February 2007.
SDM noted that Williams brings extensive retail and senior management experience, including 22 years with George Weston Ltd. and Loblaw Cos., where he held a number of senior executive positions in operations and finance.
In overseeing the leadership transition, Williams will operate with a structure in which three of SDM's most senior executives will provide counsel and report directly to him on an interim basis, the company said. They include Brad Lukow, executive vice president and chief financial officer; Mike Motz, executive vice president of operations; and Mary-Alice Vuicic, chief administrative officer and executive vice president of human resources.
Schreiber joined Shoppers Drug Mart as president and chief operating officer in August 2006, taking over the CEO role less than a year later. Under his leadership, SDM stated, the company "has continued to build on its position as Canada's leading retailer in health, beauty and convenience. During his tenure, Mr. Schreiber has led the company's through a period of continued growth, resulting in record sales and profitability."
Commenting on the leadership transition, Williams, said in a statement, "On behalf of the company's associate-owners, employees and shareholders, the board of directors wishes to thank Mr. Schreiber for his many contributions to the company's continued success under his leadership, and we wish him well in his future endeavors.
"We have the utmost confidence in the leadership structure that we have established on an interim basis," Williams added, "and know that this team, with the support of the company's executive committee, senior management, employees and associate-owners and their teams at store level, will continue to execute on our well-defined strategic priorities and initiatives."
Shoppers Drug Mart has more than 1,180 drug stores across Canada under the Shoppers Drug Mart and Pharmaprix (Quebec) banners. The company also licenses or owns more than 58 medical clinic pharmacies under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Quebec), eight luxury beauty destinations called Murale and 63 Shoppers Home Health Care stores.
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