GLENN MURPHY NAMED CHAIRMAN AND CHIEF EXECUTIVE
OFFICER, SHOPPERS DRUG MART / PHARMAPRIX
Toronto, Ontario June 18, 2001
- Shoppers Drug Mart Inc., Canada's leading
drugstore retailer, today announced the appointment
of Glenn Murphy as Chairman and Chief Executive
Officer and a member of the Company's Board
of Directors, effective June 18, 2001.
Mr. Murphy had a 14 year career with Loblaw
Companies Ltd. where he held numerous senior
management roles in Halifax, Montreal, and Toronto.
During his tenure, Mr. Murphy held positions
of increasing responsibility in procurement,
category management, marketing and operations.
He led the successful resurgence of the Loblaw
business in Atlantic Canada and subsequently
became Executive Vice President of Loblaw's
supermarket business in 1997.
In early 1999, when Loblaw acquired the Provigo
grocery chain of 300 stores and over $5 Billion
in sales, Mr. Murphy became Chief Operating
Officer of Provigo. He oversaw the successful
integration of Provigo into the Loblaw organization.
During his extensive operational career, Mr.
Murphy has worked with both independent franchise
operators and corporate-owned stores.
Mr. Murphy left Loblaw in March 2000 and spent
11 months at Chapters where he was President
and Chief Executive Officer of their retail
division. He left Chapters after its recent
change of ownership.
Mr. Murphy is a graduate of the University
of Western Ontario. He was born in Montreal
and is bilingual. Paul Raether, Partner, KKR,
speaking on behalf of the Board of Shoppers
Drug Mart Inc. said, "We are delighted
to have someone of the calibre of Glenn who
will help lead Shoppers Drug Mart to achieve
its goals to become a world-class retailer and
the best drugstore operator in North America.
Glenn will guide the next phase of Shoppers
Drug Mart's growth and create long-term value
for our shareholders, customers and employees.
He has a passion for retail and is an innovative
and entrepreneurial leader."
Mr. Murphy said, "I have always been impressed
with Shoppers Drug Mart and especially its unique
Associate Concept and how it has established
itself as an excellent retail leader. I welcome
the opportunity and look forward to working
with the Shoppers Drug Mart and Pharmaprix management
team and pharmacist/owners to help the company
achieve its goals."
The appointment of Glenn Murphy follows the
decision of David R. Bloom to retire after a
35 year career with the Company, the past 18
of which he has been its Chairman and Chief
Executive Officer. David Bloom stated, "I
have known about Glenn's meteoric rise in the
industry for some time and am delighted to welcome
him to the Company. The retail perspective he
gained at Loblaw and Provigo speaks for itself
in terms of the talent, vision and expertise
he contributed to those organizations. I know
the company will be in good hands under Glenn's
leadership and that he will be ably supported
by Stan Thomas, President and Chief Operating
Officer."
Glenn Murphy is only the third Chief Executive
Officer in Shoppers Drug Mart's 39 year history.
Murray Koffler, the founder, held the position
from 1962 until his retirement in 1983 when
David Bloom assumed the office. Shoppers Drug
Mart/Pharmaprix is the largest drugstore retailer
in Canada. With approximately 800 franchised
stores, the Company also operates 37 Shoppers
Home Health Care locations that supply assistive
medical devices to patients in a home setting.
The Shoppers Drug Mart/Pharmaprix Associate
Concept enables pharmacists to operate their
own drugstores with all the advantages of a
large organization, while retaining the entrepreneurship
of independent pharmacist/owners who can respond
to the needs of their local markets.
In February 2000, Shoppers Drug Mart was acquired
by institutional investors including Kohlberg
Kravis Roberts & Co. (KKR), Bain Capital,
Inc., DLJ Merchant Banking Partners, Charlesbank
Capital Partners LLC, Ontario Teachers' Pension
Plan Board, CIBC Capital Partners, as well as
Shoppers Drug Mart's senior management and pharmacist/owners.
For further information, please contact:
For KKR Investor Group:
Josh Pekarsky or Molly Morse
Kekst and Company
(Bus) 212-521-4877/4826
For Shoppers Drug Mart:
Arthur Konviser
Shoppers Drug Mart
243 Consumers Road
Toronto, Ontario
(Bus) 416-490-2661
(Fax) 416-490-2782
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