Rona Inc named a new executive chairman and reshuffled its board on Monday, following a deal with its top shareholders that will help the Canadian hardware retailer and distributor avoid a potentially bruising proxy battle later this year.Responding to calls for a change in leadership, Rona said it has tapped Robert Chevrier, the former chairman and director of rival distributor Richelieu Hardware Ltd, as its executive chairman, effective immediately. He replaces Robert Pare, who remains a board member.The move is the second stage of an overhaul that began late last year when the company sacked long-time Chief Executive Robert Dutton and said it would sell assets and simplify its operations.The shakeup began just weeks after the company rebuffed an unsolicited C$1.8 billion ($1.81 billion) takeover proposal from Lowe's Cos Inc.
Richelieu Hardware Ltd. is an importer, distributor and manufacturer of specialty hardware and related products. Shares of RCH fell by 0.03% or $-0.01/share to $38.59. In the past year, the shares have traded as low as $26.48 and as high as $39.00. On average, 18427 shares of RCH.TO exchange hands on a given day and today's volume is recorded at 1670.
Rona, Inc. is a Canada-based company, which distributes and retails hardware, home improvement, and gardening products. Shares of RON traded higher by 2.61% or $0.3/share to $11.80. In the past year, the shares have traded as low as $8.94 and as high as $14.49. On average, 240633 shares of RON.TO exchange hands on a given day and today's volume is recorded at 27285.
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