Dollarama Announces Chief Financial Officer Successor Appointment
MONTREAL, Nov. 4, 2020 /PRNewswire/ - Dollarama Inc. (TSX: DOL) ("Dollarama" or the "Corporation") is pleased to announce the appointment of Jean-Philippe (J.P.) Towner as chief financial officer, effective March 1, 2021. Mr. Towner will succeed Michael Ross, who will step down as chief financial officer after over a decade with Dollarama in this role. Mr. Ross will stay on in an advisory capacity until his retirement to ensure a seamless transition.
"Michael joined our team shortly after the IPO and was instrumental in helping build a robust organization to support our aggressive growth all while preserving our trademark agility and entrepreneurial culture. He also led our award-winning investor relations outreach in Canada, the United States and Europe. On behalf of the Board and executive team, I sincerely thank Michael for his contributions to the success of Dollarama over the last decade and for his gracious commitment to coordinate a seamless transition for J.P throughout his onboarding," said President and Chief Executive Officer Neil Rossy. "My team and I extend a warm welcome to J.P. and look forward to his leadership and insights. J.P. brings impressive credentials, valuable experience and a fresh perspective that I have no doubt will benefit all of our stakeholders."
"I am proud of what we have accomplished as a team during my tenure with Dollarama, and it has been a great privilege to be part of a tremendous Canadian success story," said Mr. Ross. "I have full confidence in J.P.'s abilities to serve the Corporation as it continues to pursue its organic growth in Canada and Latin America, in collaboration with the strong team in place."
Mr. Towner is a seasoned finance executive with experience in corporate and financial strategy, capital markets, risk management as well as logistics and procurement. He will join Dollarama after serving since 2016 as Executive Vice President and Chief Financial Officer of Pomerleau Inc., a multi-billion-dollar construction and engineering company based in Montreal. Prior to joining Pomerleau, Mr. Towner spent nearly 10 years with BMO Capital Markets, with roles in Montreal and Toronto, including as Vice President – Strategy & Financial Management and as Vice President – Global Investment Banking, advising retail and telecom clients on a broad range of strategic and financial decisions. Mr. Towner has an extensive background in driving profitable growth and maximizing organizational data capabilities. In addition, he has participated in multiple high-profile strategic transactions while managing global partnerships with co-investors, lenders and insurance companies. At Pomerleau, he created and led Pomerleau Capital, the company's investment division.
Mr. Towner is a graduate of Harvard Business School's General Management Program and obtained his Bachelor of Commerce with a Major in Accounting from Laval University. He is a member of the board of the Montreal Heart Institute Foundation. In 2018, he was awarded the Ace of Finance Award in the 'Emerging Financial Leader' category by Finance Executives International Canada.
Forward-Looking Statements
Certain statements in this press release about our current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.
Forward-looking statements are based on information currently available to management and on estimates and assumptions made by management regarding, among other things, general economic conditions and the competitive environment within the retail industry in Canada and in Latin America, in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including the factors which are discussed in greater detail in the "Risks and Uncertainties" section of the Corporation's annual management's discussion and analysis for Fiscal 2020 and management's discussion and analysis for the second quarter of Fiscal 2021, available on SEDAR at www.sedar.com.
These factors are not intended to represent a complete list of the factors that could affect the Corporation or Dollarcity; however, they should be considered carefully. The purpose of the forward-looking statements is to provide the reader with a description of management's expectations regarding the Corporation's and Dollarcity's prospects and may not be appropriate for other purposes. Readers should not place undue reliance on forward-looking statements made herein. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as at November 4, 2020 and management has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
About Dollarama
Dollarama is a recognized Canadian value retailer offering a broad assortment of consumable products, general merchandise and seasonal items both in-store and online. Our 1,314 locations across Canada provide customers with compelling value in convenient locations, including metropolitan areas, mid-sized cities and small towns. Select products are also available, by the full case only, through our online store at www.dollarama.com. Our quality merchandise is sold at select, fixed price points up to $4.00.
Dollarama also owns a 50.1% interest in Dollarcity, a growing Latin American value retailer. Dollarcity offers a broad assortment of consumable products, general merchandise and seasonal items at select, fixed price points up to US$3.00 (or the equivalent in local currency) through its 232 conveniently-located stores in Colombia, El Salvador and Guatemala.
SOURCE Dollarama Inc.
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