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The North West Company - CEO, Edward Kennedy - The Market Herald Canada
CEO, Edward Kennedy
Source: Winnipeg Free Press
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  • The North West Company announced today its 2020 fourth quarter and year-end financial results, as well as a CEO transition planned for later this year
  • Edward Kennedy has announced that he will step down as President and CEO effective August 1, 2021 and be succeeded by Dan McConnell
  • Board of Directors have also declared a dividend of $0.36 per share to be paid on April 28, 2021 to shareholders of record on April 16, 2021
  • Highlights of the fiscal report include an increase in gross profits of 11.1 per cent for the quarter compared to Q4 last year and 16.6 per cent for the year
  • The North West Company is principally engaged in retail business in underserved rural communities and urban neighborhoods
  • The North West Company (NWC) is down 2.15 per cent and is currently trading at C$36.00

The North West Company announced today its 2020 fourth quarter and year-end financial results, as well as a CEO transition.

Edward Kennedy, who has served with The North West Company for 30 years, has announced that he will step down as President and CEO effective August 1, 2021.

Mr. Kennedy will be succeeded by Dan McConnell. Mr. McConnell has been with the company for 19 years and has served as Head of International Operations and Executive VP of Corporate Development.

The company announced that Mr. Kennedy will remain available after his retirement to assist Mr. McConnell with the transition.

H. Sanford Riley, North West Board Chair, commented,

"Edward's guiding hand has touched all facets of the company's development, from taking North West public, to shifting our product focus to food, expanding internationally, forging dozens of partnerships with Indigenous entities and growing into exciting new areas like health and transportation, all while being a true ally of the communities we are privileged to serve."

In addition to the coming leadership changes, the company also announced its fourth quarter and fiscal year-end results for 2020, which ended on January 31, 2021.

Highlights of the fiscal report include an increase in gross profits of 11.1 per cent for the quarter compared to Q4 last year and 16.6 per cent for the year.

Fourth-quarter sales were up 2.2 per cent, a number that was offset by the sale of 36 Giant Tiger stores in July 2020.

Edward Kennedy, North West's President and CEO, commented on the results.

“2020 was the most intensely active and reactive year in The North West Company’s history. We started with a great playbook and ended with completely different and unexpected outcomes, including the highest annual sales gains of any Canadian-based retailer.”

“The single constant was the adaptability of North West, or more accurately, the people of North West and the communities we are privileged to serve," he added.

The Board of Directors has also declared a dividend of $0.36 per share to be paid on April 28, 2021, to shareholders of record on April 16, 2021.

The North West Company is a Canada-based company that is principally engaged in retail business in underserved rural communities and urban neighbourhoods.

The company provides food, family apparel, housewares, appliances, and outdoor products.

The North West Company (NWC) is down 2.15 per cent and is currently trading at C$36.00 as of 4:00 pm ET.

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