Business
Rona board is not 'doing it right'
Nov 14, 2012 / 6:38 am
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 net income fell to $5.1-million, or 4 cents a share, from $47.8-million, or 36 cents, a year earlier.
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