Fund calls for removal of Rona board, new directors for home improvement giant
TORONTO - A fund manager that owns about one-tenth of Rona Inc. is calling for shareholders to remove the company's board of directors and install new directors.
Invesco Canada's call for a clean sweep at the home-improvement chain comes after dismal financial results were released last week by Rona (TSX:RON).
Rona's long-time chief executive has already left the company.
The unexpected departure of Robert Dutton came two months after he and the other Rona directors fended off a takeover attempt by American rival Lowe's.
That was followed by a third-quarter report a week ago that showed Rona's profit sake nearly 90 per cent compared with last year, dropping to just $5.1 million.
