The CEO of one of Canada's largest grocery empires is retiring next year.
Stellarton, Nova Scotia-based Empire Company Ltd. and its wholly-owned subsidiary Sobeys said Michael Medline will step down as president and CEO of both entities in May 2026.
Empire's board of directors said it plans to conduct an internal and external search for Medline's replacement. As part of its succession planning process, the board created a special committee to oversee the selection of the company's next CEO.
Medline has been an effective and resilient leader since he joined the company more than eight years ago, Empire Chair Jim Dickson said.
"Not only did he lead the difficult transformation and turnaround of what at the time was a struggling business, he has since steered Empire on its current growth trajectory, delivering immense value for shareholders in a dynamic and ever-changing marketplace, including skillfully navigating the unprecedented headwinds of a global pandemic and the worst inflation in four decades," Dickson said in a statement.
Empire's holdings through Sobeys include more than 1,600 owned or franchised stores across Canada's 10 provinces and more than 350 retail fuel locations.
Under Medline, the company has expanded through major acquisitions, the latest being its $357 million purchase of Ontario regional grocer Longo's.
Empire has grown rapidly since it bought the Farm Boy brand in 2018 for $800 million. It has opened more stores under the Farm Boy brand and converted some long-time Sobeys locations.
Under Medline, Empire invested $2.5 billion over the past eight years to grow and develop the store network and distribution assets.
In addition to Farm Boy and Longo's acquisitions, the company expanded its FreshCo discount banner into Western Canada. It also developed a multicultural strategy to serve the needs of the country's growing South Asian population under Medline.
Since Medline took over Empire in 2017, it has delivered average annual adjusted earnings per share growth of 15% while tripling its share price, the company said.
"There is never a perfect time to retire from a job that you love. It's been the highlight of my career," Medline said in a statement.