MONTREAL (FNS) -- Metro's board of directors has given Pierre Lessard, president and chief executive officer, a vote of confidence by renewing his mandate until 2007. Lessard's current mandate was to end in 2003.
Since joining the company in 1990, Lessard has vastly improved the fortunes of Canada's third-largest grocer, increasing earnings to $77.5 million ($123 million Canadian) last year from a loss of $5.6 million in 1990. Sales during the last 11 years have grown 122%, while Metro's share price has climbed to over $12.60 from 47 cents, a compound annual growth rate of 33 cents.
Lessard earned $725,000 in salary and bonuses last year. Metro has 26,000 employees and operates in Quebec and Ontario under the Metro, Super C, Loeb, Richelieu and Brunet banners.