Empire Co. Ltd. CEO Michael Medline, in Mississauga, Ont., on Aug. 15, 2024.Chris Young/The Canadian Press
Empire Co. Ltd. EMP-A-T says chief executive Michael Medline plans to retire from the company in May 2026.
Medline joined Empire in January 2017 and led the company that owns Sobeys and other grocers through two successive transformation initiatives that saw it simplify its structure, grow sales and streamline costs.
“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,” said board chair Jim Dickson in a press release on Thursday.
Under Medline’s leadership, Empire acquired the Farm Boy chain in 2018 and Longo’s in 2021, while also expanding its FreshCo discount banner into Western Canada. Amid the pandemic-driven acceleration of online grocery shopping, Empire invested in its e-commerce business Voila.
“Since his appointment in January 2017, Mr. Medline has played a pivotal role in the transformation of Empire,” wrote RBC analyst Irene Nattel in a note.
She added that after all the change and growth he has overseen at the company, “the time is ripe for Mr. Medline to enjoy the fruits of his labour.”
The company says since 2017, Empire has delivered annual adjusted earnings per share growth of 15 per cent and its share price has tripled.
Medline was also the first major grocery executive to call for a grocery code of conduct to level the playing field for Canadian grocers and suppliers, drawing on similar codes in the U.K. and Australia.
The code comes into force in June after years of discussion among industry leaders, and amid pressure from the government on the country’s biggest grocers to sign on to the code.
“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 said in the release.
Empire says its board of directors has created a special committee to oversee the identification and selection of the company’s next CEO.