Empire announces Michael Medline's intention to retire in May 2026
Empire Company Limited and its wholly-owned subsidiary Sobeys Inc. announced that Michael Medline, president and chief executive officer has informed them of his intention to retire from the company in May 2026, allowing the Board of Directors to conduct a thorough internal and external search for his replacement.
As part of its succession planning process, the board has created a special committee to oversee the identification and selection of the company's next CEO.
"Michael has been the true embodiment of a resilient, adaptable and courageous business leader since joining Empire more than eight years ago," said Jim Dickson, chair of the Board of Empire. "Not only did he lead the difficult transformation and turnaround of what at the time was a struggling business, he has since steered Empire on its current growth trajectory, delivering immense value for shareholders in a dynamic and ever-changing marketplace, including skillfully navigating the unprecedented headwinds of a global pandemic and the worst inflation in four decades. He did all of this while also revitalizing Empire's organizational culture as well as serving as the staunchest and most passionate advocate for our company and the broader Canadian grocery industry. I am incredibly grateful for Michael's leadership and look forward to working with him in the coming year as he and his team continue to drive the company's growth."
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Since Medline assumed leadership of Empire in 2017, the company has delivered average annual adjusted EPS growth of 15% while tripling its share price, making Empire one of the top performers on the TSX during his tenure to date.
"I am so incredibly proud of the many accomplishments Empire has achieved and the shareholder value we have created over the past eight years," said Medline. "Our success has been the direct result of a great strategy, disciplined execution and the dedication and efforts of our 128,000 teammates as well as our excellent leadership team, all of whom come to work each and every day to serve the needs of our customers. Our company is stronger, more resilient and well positioned for ongoing success thanks to their efforts. My focus remains on continuing to build on the tremendous progress we have made over the past number of years as our board identifies Empire's next CEO."
Upon joining Empire in January 2017, Medline led the organization through two successive transformation initiatives that spanned more than five years and saw the company introduce strategic, structural and operational changes that simplified the company's structure, grew sales, removed significant costs and reengaged both employees and customers. The acquisitions of Farm Boy (2018) and Longo's (2021) have strengthened the company's presence in the Southern Ontario market, while the expansion of its FreshCo discount banner into Western Canada and development of the company's multi-cultural strategy has served the needs of the country's expanding South Asian population. Empire also invested in building its e-commerce business, Voilà, while reimagining its loyalty program with its launch in 2022 of Scene+ with co-owners Cineplex and Scotiabank.
"There is never a perfect time to retire from a job that you love. It's been the highlight of my career and such an incredible honour to help lead this iconic Canadian company for more than eight years. I take great pride in knowing that I will be leaving the company in good shape for the next CEO," Medline added. "I am grateful to our great chair, Jim Dickson, the Board of Directors and the Sobey family for giving me this opportunity and for their tremendous guidance and support on our journey to transform this company into the best retailer in the country."
