Murphy takes the reins as CEO at Shoppers Drug Mart

Drug Store News, July 23, 2001

TORONTO -- Glenn Murphy assumed the roles of chairman and chief executive officer for Shoppers Drug Mart last month, becoming the third leader in the company's 39-year history. He succeeds David Bloom, who announced in February his plans to retire. Bloom spent 35 years with Shoppers, 18 as chairman and chief executive officer. Bloom has agreed to consult for Shoppers for the near future.

Speaking for the Shoppers Drug Mart's board, Paul Raether, a partner at Kohlberg Kravis Roberts & Co. (one of the investment firms that purchased Shoppers Drug Mart last year), commented: "Glenn will guide the next phase of Shoppers Drug Mart's growth and will create long-term value for our shareholders, customers and employees. He has a passion for retail and is an innovative and entrepreneurial leader."

Murphy joins the largest drug store company in Canada, which pulled in an estimated $3 billion in sales last year, after having completed a one-year stint as president and chief executive officer of the retail division for Canada's largest bookstore chain, Chapters. Murphy parted from Chapters in February, following the successful, hostile takeover from rival bookseller Indigo Books & Music.

Before Chapters, Murphy spent 14 years in various executive capacities at Loblaw, Canada's largest supermarket conglomerate.

"I have known about Glenn's meteoric rise in the industry for some time," commented Bloom. "The retail perspective he gained at Loblaw and Provigo speaks for itself in terms of the talent, vision and expertise he contributed to those organizations ... The company will be in good hands under Glenn's leadership and he will be ably supported by Stan Thomas, president and chief operating officer."