Empire Company Limited Announces CFO Transition and Future Plans
Empire Company Limited Announces CFO Transition
Empire Company Limited (TSX: EMP) has now embarked on a significant transition within its leadership as Matt Reindel, the Executive Vice President and Chief Financial Officer, is set to retire. This change comes at a pivotal moment for the organization, which has been navigating through a time of considerable transformation and growth.
Matt Reindel's Legacy at Empire
Since joining Empire in 2019 and ascending to the CFO position in 2021, Matt Reindel has made substantial contributions. Under his stewardship, the company has successfully maneuvered through various challenges, including the unparalleled demands created by the pandemic and rising economic pressures such as inflation and interest rates. His leadership was instrumental in reestablishing Empire's stronghold in the market, steering the company towards recovery and growth.
Introduction of Constantine (Costa) Pefanis as CFO
Taking the reins in May will be Constantine (Costa) Pefanis, who recently served as CFO of Green Infrastructure Partners. Pefanis arrives at Empire equipped with an extensive background in both capital and public markets, particularly within the retail sector. He holds a Bachelor of Commerce from the University of Toronto and is a Chartered Professional Accountant (CPA). His career began at Arthur Anderson, where he garnered valuable experience in their Advisory Practice before spending nearly two decades at Leon's Furniture Limited, culminating in his role as CFO.
Supporting a Smooth Transition
To ensure a seamless transition, Reindel has agreed to remain with Empire for several months. His commitment highlights the company's focus on stability during this period of change, preserving the consistency required to meet strategic objectives.
Michael Medline's Praise for Matt Reindel
Michael Medline, President & CEO of Empire, expressed appreciation for Reindel's efforts, highlighting his critical contributions to the company's turnaround. Medline noted, “Matt has been an incredible partner… He played a critical role in helping drive Empire's turnaround.” This acknowledgment emphasizes the significance of leadership stability as the company forges ahead.
Future Prospects with Pefanis
Medline has shared his excitement about welcoming Pefanis to the executive team, indicating that his extensive experience will be a tremendous asset to Empire in its future endeavors. “He is an experienced, immensely capable and intensely goal-oriented leader,” Medline stated, emphasizing Pefanis's role in driving the company's results and performance in the coming years.
About Empire Company Limited
Empire Company Limited (TSX: EMP) stands as a major player in the Canadian marketplace, primarily through its flagship food retailing business operated via Sobeys Inc. With an annual revenue of approximately $31.1 billion and assets totaling around $16.8 billion, Empire is more than just a retailer; it is a significant employer, with around 128,000 people contributing to its success across subsidiaries, franchisees, and affiliates. Comprehensive financial details about Empire can be found on its website.
Frequently Asked Questions
Who is the new CFO of Empire Company Limited?
The new CFO is Constantine (Costa) Pefanis, who will succeed Matt Reindel.
When is Matt Reindel retiring?
Matt Reindel is set to retire in May, following a transition period where he will assist the new CFO.
What has Matt Reindel contributed to Empire?
Reindel has played a key role in navigating the company through the pandemic and economic challenges, significantly contributing to Empire's turnaround.
What is Pefanis's background?
Pefanis has extensive experience in finance and has previously served as CFO of Green Infrastructure Partners. He has a Bachelor of Commerce from the University of Toronto and is a CPA.
What does Empire Company Limited focus on?
Empire focuses on food retailing through its subsidiary Sobeys Inc., along with real estate operations, employing around 128,000 individuals.
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