Shermag appoints Richard Darveau CEO and chairman
Claude Pichette steps down as chairman
Michael Knell -- Furniture Today, November 20, 2009
SHERBROOKE, Quebec — Richard Darveau has been named CEO and chairman of the board of full-line furniture manufacturer and importer Shermag.He succeeds Claude Pichette as chairman.
Shermag hasn't had a full-time CEO since the resignation of Jeff Casselman in November 2007.
Darveau also serves as president of Groupe Bermex, the Maskinongé, Québec-based case goods specialist which became Shermag's single largest shareholder last month as it emerged from court-order protection under the Company's Creditors Arrangement Act.
Pichette, who will remain on the board as a director, has served as Shermag's chairman for the past seven years and oversaw the company after it entered CCAA in May 2008.
In a related announcement, Shermag also named Jacques Olivier Jr., president of Jacques Olivier Ford, an automotive dealership in Saint-Hubert, Quebec, to the board of directors. Olivier fills a vacancy created following the resignation of George Armoyan from the board in March.
The board also voted to change Shermag's fiscal year end to Dec. 31, the same as that of Groupe Bermex. Previously, Shermag's fiscal year ended on March 31.
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11/15/2009Bermex inches closer to control of Shermag
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