Metro’s Eric La Flèche to retire as CEO in September after 18 years in top job

Longtime Metro Inc. chief executive Eric La Flèche will step down in September after more than 18 years in the top job and become chair of the retailer’s board of directors. 

Metro said Tuesday that Marc Giroux, the company’s chief operating officer, will succeed him as chief executive, effective Sept. 27.

RBC analyst Irene Nattel said La Flèche, who joined Metro in 1991 and became president and chief executive in April 2008, will be missed by investors.

“His very steady hands on the grocery cart over the past 18 years have driven him to the top of ranks of Canadian CEOs in terms of investor confidence,” Nattel wrote in a note to clients. 

La Flèche helped transform Metro when it acquired the Jean Coutu Group drugstore chain in 2018. At the time, he called it a unique opportunity for two of Quebec’s best-known companies to join forces.

Metro’s acquisition of Jean Coutu echoed a deal by Loblaw Cos. Ltd. to buy Shoppers Drug Mart Corp. in 2014.

Kathleen Wong, senior investment analyst of consumer staples at Veritas Investment Research, said one of La Flèche’s earlier marks at Metro was in customer data and loyalty. 

As vice-president of marketing, he was closely associated with the development and 2010 launch of metro&moi, Metro’s proprietary Quebec loyalty program, “which became an important foundation for the company’s broader and successful Moi loyalty strategy,” she said in an email.

Metro expanded its Moi Rewards program in Ontario in 2024, a year after it rolled it out in Quebec and New Brunswick.

In recent years, La Flèche has seen Metro invest millions in a plan to modernize its distribution centres in Ontario and Quebec.

Nattel said Giroux’s appointment should not come as a surprise.

Giroux joined Metro in 2009 and has been leading the Quebec and Ontario food divisions as well as supply chain, marketing, loyalty and digital strategy as the company’s chief operating officer. 

Nattel said Giroux makes for a “strong, well-groomed internal candidate” for the top job at the company, who appeared to be the logical successor to La Flèche.

With La Flèche’s move to the board chair role in September, Pierre Boivin, currently chair of Metro’s board, will become vice-chairman and lead director.

Boivin said Giroux is the right leader for Metro’s next chapter. 

“Marc’s deep understanding of our industry, focus on operational excellence, financial discipline and customer satisfaction make him the best candidate to continue delivering long-term value for our customers, employees and shareholders,” Boivin said in a statement.

The change comes as Metro’s stock price has dropped more than 20 per cent from a year ago, trading at $87.22 on Tuesday, compared with $107.96 on June 2, 2025. 

The retailer has been facing headwinds from the workers’ strike at its Laval distribution centre that began more than nine weeks ago. Given analysts expected the strike to last about six weeks, the hit to the grocer’s third-quarter earnings-per-share may be higher than the four per cent or so analysts predicted. 

Grocery shoppers have also continued to hunt for discounts and promotions, something that is likely to continue as the war in Iran pushes food inflation even higher.    

However, La Flèche said Metro is well-positioned for continued success, with a clear growth plan and a solid balance sheet.

“I am proud of what we have accomplished together,” he said in a statement. 

Metro’s grocery banners include Metro, Metro Plus, Super C, Food Basics, Adonis and Première Moisson. It also runs pharmacies under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners.

This report by The Canadian Press was first published June 2, 2026.

Companies in this story: (TSX: MRU)