Empire Co. (EMP/A), which agreed to buy Safeway Inc. (SWY:US)’s Canadian stores for C$5.8 billion ($5.6 billion) in June, said Chief Executive Officer Paul Sobey will retire, as the company nears completion of the acquisition. Marc Poulin, the current CEO of Empire’s grocery chain, Sobeys Inc., will replace Sobey, the Stellarton, Nova Scotia-based company said today in a statement. Sobey, 57, will step down from his post on Dec. 11. “It’s been an exciting 15 years and with the imminent closing of this Canada Safeway transaction it’s an opportune time to make the transition,” Sobey said in a phone interview from Stellarton. “It’s never a great time, never a good time to step down, but the key is recognizing when a change should take place.” businessweek/news/2013-10-15/empire-ceo-sobey-to-be-replaced-by-poulin-as-safeway-deal-closes
Posted on: Tue, 15 Oct 2013 19:01:39 +0000