Reitmans (Canada) Limited has announced a planned transition in its Board leadership.
After having served as Executive Chairman since September 2023, Stephen Reitman will retire from the role effective March 6, and will continue to serve on the RCL Board of Directors as Chairman Emeritus and Board Director, said the retailer.
The Board has appointed independent director, Samuel Minzberg, to serve as Chairman of the Board, effective March 7.
Reitman joined RCL more than 50 years ago and has played a pivotal role in the organization’s growth and long-term success. As Executive Chairman, he worked closely with management and the Board to support RCL through its period of strategic renewal and leadership transition with Andrea Limbardi’s appointment to President and CEO in September 2023, said the company.
“It has been a privilege to serve RCL for more than five decades and, most recently, as Executive Chairman,” said Reitman in a statement.. “I am deeply proud of the organization we have built, and I am most confident in Andrea and the leadership team in place today, as they execute the RCL transformational strategy. I look forward to continuing to support RCL as Chairman Emeritus and Board Director.
“Mr. Minzberg has served on the RCL Board for several years and has extensive governance experience, as well as a deep understanding of the organization’s mission and future priorities. He brings exceptional judgment, integrity, and perspective to the role of Chairman, and I have great confidence in his ability to lead the Board.”
Reitmans is one of Canada’s leading specialty apparel retailers for women and men, with retail outlets throughout the country. The company operates 388 stores under three distinct banners consisting of 218 Reitmans, 85 PENN., and 85 RW&CO.
“On behalf of the entire Board, I want to thank Stephen for his extraordinary commitment and leadership over more than 50 years,” said Minzberg. “Stephen’s stewardship has shaped RCL in enduring ways, and we are grateful that he will continue to share his wisdom as Chairman Emeritus. I am honoured to follow him as Chair and to work with the Board and management to build on the strong foundation in place.”
“Stephen’s impact on RCL has been immeasurable, and I am grateful for his guidance and partnership,” added Limbardi. “I look forward to continuing to work closely with Sam in his new role as Chair, and with our Board, as we execute on RCL’s strategy, and lead the organization into its next chapter.”
Reitmans also announced that on February 9 it granted an aggregate of 889,930 options to purchase Class A non-voting shares of the company to members of management pursuant to its second amended and restated share option plan dated April 19, 2021, as amended.
The options have an exercise price of $2.14 and are subject to time-based vesting terms and have an expiry date of May 9, 2030. The grant of the options is made pursuant to the company’s Long-Term Incentive Plan which is designed to incentivize members of management in the achievement of long-term financial targets, it said.
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