DAVID BLOOM TO RETIRE AS CHAIRMAN AND CEO
OF SHOPPERS DRUG MART
TORONTO, Feb. 27 - The Board
of Directors of Shoppers Drug Mart Inc. announced
today that David R. Bloom, Chairman & Chief
Executive Officer, has decided to retire after
a meritorious thirty-five year history with
the Company, the past eighteen of which he has
been its Chairman & Chief Executive Officer.
Mr. Bloom will retire effective July 1, 2001
or later if a successor has not been appointed
by that date. Mr. Bloom, who will remain a very
significant shareholder of the Company, has
also agreed to serve as a consultant to Shoppers
Drug Mart/Pharmaprix.
Mr. Bloom's career began as a pharmacist at
the Shoppers Drug Mart store in Yorkdale Shopping
Centre in 1967. He became the Associate (pharmacist
owner) at that location a year later. He joined
the Corporate Centre in 1971 and quickly moved
through the ranks to become President &
Chief Executive Officer in 1983 at the age of
39, and Chairman & Chief Executive Officer
in 1986. During his 18 years as C.E.O., Shoppers'
store count grew from 400 to 837, sales quadrupled
and earnings grew tenfold.
Mr. Bloom spearheaded the reengineering of
the Company which began in 1995. As a result
of this and other initiatives, Shoppers Drug
Mart is now recognized as having world-class,
state-of-the-art distribution, purchasing and
merchandising systems. Under Mr. Bloom's leadership,
numerous powerful and successful trademarks,
such as HealthWatch, PharmExpert, Life Brand,
Quo, Rialto and Shoppers Optimum have become
Canadian household names.
Mr. Bloom has had a major impact on retailing
in North America as a founder of the Canadian
Association of Chain Drug Stores, a former Chairman
of the Retail Council of Canada and a board
member of the U.S.-based National Association
of Chain Drug Stores. While serving as C.E.O.
of Shoppers Drug Mart, Mr. Bloom was also C.E.O.
of Peoples Drug Stores in Washington, DC for
three years while it was owned by Imasco Limited.
Mr. Bloom has been the key driving force in
a number of community endeavors, such as the
launch of the Juvenile Diabetes Foundation Shoppers
Walk For The Cure, the establishment of the
Shoppers Omnimax Theatre at the Ontario Science
Centre and the endowment of the Shoppers Chair
in Neurosurgery at the Toronto Hospital For
Sick Children.
Mr. Bloom led the sale process initiated by
Imasco Limited that culminated in the acquisition
of Shoppers Drug Mart in early 2000 by the company's
senior management and Associates and an institutional
investor group led by affiliates of Kohlberg
Kravis Roberts & Co. (KKR); Bain Capital,
Inc.; Charlesbank Capital Partners LLC; DLJ
Merchant Banking Partners; Ontario Teachers'
Pension Plan Board; and CIBC World Markets.
Mr. Bloom, in a statement issued today at a
gathering of the Company's Associate and management
groups said: "Shoppers Drug Mart has just
completed the most successful year in its 39-year
history. Our invigorated management team remains
the best in the industry. We have the people,
plans and programs in place to continue our
momentum well into the future. Having established
this solid foundation, I feel that now is the
appropriate time for me to pursue other personal
interests. I also intend to remain actively
involved in business through my existing and
potential new Board directorships."
Paul Raether, speaking on behalf of the Board
of Shoppers Drug Mart Inc., said: "We are
obviously disappointed by David's decision to
retire. He wanted to leave at a time when both
he and the Company were at an all-time high,
and based on the company's 2000 results, he
has accomplished this. His vision, business
acumen and outstanding leadership helped build
Shoppers Drug Mart/Pharmaprix into what it is
today -- the leader of the Canadian drug store
industry. We still have the advantage of David's
active participation until July 1st or later,
and he will assist the Board in a smooth transition
for his successor."
The Board of Directors will begin a search
both internally and externally to identify a
suitable candidate who will provide solid leadership
to enable Shoppers Drug Mart/Pharmaprix to achieve
its goal as a world-class retailer and the best
drug store operator in North America. With over
830 locations coast-to-coast, Shoppers Drug
Mart/Pharmaprix is Canada's largest network
of retail pharmacies.
# # #
For further information:
Arthur Konviser
Senior Vice-President, Corporate Affairs
Shoppers Drug Mart
(416) 490-2661
Back to 2001 Archive
|
