Dollarama says CFO Towner to step down

Dollarama says CFO Towner to step down
By Finance
Jul 12

Dollarama says CFO Towner to step down

Dollarama announces CFO Towner’s departure

Canadian discount retailer Dollarama has announced that its Chief Financial Officer (CFO), Michael Towner, will be stepping down from his position. The company stated that Towner’s departure is due to personal reasons and will be effective immediately.

Towner has been with Dollarama for over nine years, joining the company in 2012 as Vice President of Investor Relations. He was promoted to the position of CFO in 2016, where he played a crucial role in driving Dollarama’s financial performance and growth strategy.

During his tenure, Towner successfully led multiple key initiatives, including the implementation of strong financial controls and processes, driving cost efficiencies, and improving the company’s profitability. Under his leadership, Dollarama achieved consistent revenue growth and expanded its store footprint across Canada.

Dollarama begins search for new CFO

Following Towner’s departure, Dollarama has appointed Michael Ross as the interim CFO. Ross, who currently serves as the Vice President of Corporate Development at Dollarama, has been with the company since 2012 and has extensive experience in finance and business development.

The company has also initiated a search for a permanent CFO and will be considering both internal and external candidates for the role. Dollarama aims to find a suitable candidate who can continue the company’s strong financial management and execute its growth strategy effectively.

Dollarama’s CEO, Neil Rossy, expressed his gratitude for Towner’s contributions to the company and wished him well in his future endeavors. Rossy also expressed confidence in the abilities of Michael Ross to handle the interim CFO responsibilities and lead the finance team during the transition period.

Impact on Dollarama

Towner’s departure comes at a critical time for Dollarama as the company continues to navigate the ongoing challenges posed by the COVID-19 pandemic. Like many other retailers, Dollarama faced temporary store closures and disruptions in supply chain operations due to the pandemic.

However, the company managed to quickly adapt and implement safety measures, enabling it to continue serving customers and maintaining a strong financial performance. Dollarama’s focus on offering essential products at affordable prices has resonated well with consumers during these uncertain times.

With the holiday season approaching, Dollarama will be looking to capitalize on increased consumer spending and drive sales in its stores. The company’s ability to effectively manage its finances and maintain its low-cost operating model will be crucial in achieving its growth targets.

Dollarama’s announcement of CFO Michael Towner’s departure marks a significant change in the company’s leadership. Towner’s contributions to Dollarama’s financial success will be remembered, and the company will now begin the process of finding a new CFO who can continue driving the company’s growth strategy.

As Dollarama faces ongoing challenges due to the pandemic, having strong financial management and execution capabilities will be crucial in ensuring that the company remains resilient and profitable. With its proven track record of providing value to customers, Dollarama is well-positioned to navigate through these uncertain times and continue delivering value to shareholders.

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