Desjardins Desjardins Securities analyst Chris Li said he was “both surprised and disappointed” to hear that JP Towner will be leaving Dollarama Inc. as its chief financial officer to pursue another career opportunity.
Mr. Towner became CFO in March 2021 and played an integral role in navigating the discount retailer through COVID-19 and supply chain challenges.
While Mr. Towner was highly regarded by the investment community, “we do not believe his departure reflects any negative read-through to DOL’s financial performance,” said Mr. Li.
Dollarama has commenced a formal search process for a new CFO. “While it is difficult to predict the length of the search, we believe DOL’s reputation as a high-quality retailer should attract many strong candidates. A timely appointment will enable an orderly transition.”
Mr. Towner will remain at the company through to mid-September when the company releases its fiscal second quarter results.
Mr. Li maintained a “buy” rating on Dollarama shares with a C$93 price target.