Marc Poulin is out as chief executive officer of Empire Co., as the parent company of grocery retailer Sobeys struggles with the integration of Safeway Canada. 

Empire is replacing Poulin on an interim basis with chief financial officer François Vimard.

Poulin's sudden departure from the Empire organization follows a series of huge losses related to the acquisition of Canada Safeway as Sobeys expanded its position in Western Canada.

Empire has struggled in the wake of its $5.8-billion takeover of Safeway Canada in 2013. Most recently, it booked a $1.3-billion impairment charge in its fourth-quarter results. Its stock has plunged 25.6 per cent so far this year, as of the close of trading Thursday. 

Poulin became president and CEO of Sobeys about a year before its takeover of Safeway. He also became president and CEO of Empire in December 2013.

The normally profitable company, based in Stellarton, N.S., had earned $419 million in fiscal 2015 prior to a series of quarterly writedowns of its western business.

"Despite the significant challenges we have faced over the past year, the Board is confident the company is pursuing the right strategy," said Empire chairman Rob Dexter in a statement Friday morning.  "It is our clear expectation that François and his strong and experienced leadership team will prioritize and advance the most critical elements of the company's strategy to ensure we meet the needs and expectations of our customers and see the return of long-term profitable growth for the company."

Here's a look at key events at Empire:

June 28, 2016

- Announced $942.6M Q4 net loss

- Announced $1.3B Q4 impairment charge

- Marc Poulin: “The previously reported challenges in Western Canada that have had a negative effect on our results over the past three quarters deepened through the fourth quarter with impacts felt across additional banners in the West.”

March 3, 2016

- Announced $1.7B Q3 impairment charge

- Marc Poulin: “The challenges that we experienced in the first half of fiscal 2016 related to the integration of our Safeway business only intensified in the third quarter.”

June 12, 2013

- Announced $5.8B cash takeover of Safeway Canada

- Marc Poulin: “We are very excited by this acquisition and the future opportunities it presents.  This is a win-win for both companies…Sobeys expects to benefit from increased economies of scale.” [note: Poulin was CEO of Sobeys, not Empire, when the takeover was announced]

With files from The Canadian Press