Chief Executive Officer Resigns From Calgary Co-op

December 9, 2003, Calgary, Alberta - Milford Sorensen, chief executive officer of Calgary Co-op, has resigned his position effective March 15, 2004. Following his resignation, Mr. Sorensen will assume the president and chief executive officer position for Thrifty Foods on Vancouver Island.

"The board of directors of Calgary Co-op has accepted Mr. Sorensen's resignation with regret", says Barry Ashton, chair of the Calgary Co-op board of directors. "Mr. Sorensen joined Calgary Co-op in September 1999 at a time when the company was facing serious challenges financially and operationally, and he has been instrumental in bringing Calgary Co-op back to financial success, as reflected in our record year in 2002," states Ashton.

"My decision to leave Calgary Co-op was very difficult", says Sorensen. "However, I believe I have done the job I was hired to do, which was to turn around the financial and operational difficulties of 1999, and return Calgary Co-op to financial success. While I am leaving a great organization, what I believe is the best team of employees in the industry, and close friends, I am looking forward to the challenges of my new position and, more personally, being closer to my son in Vancouver."

Sorensen is leaving Calgary Co-op in good hands. "We have a very strong executive management team, that is well-versed in every area of the business, and a board of directors that is committed to ensuring Calgary Co-op is a strong, viable, and well-managed organization," adds Ashton. The board has struck a committee to begin the search for a new CEO, and Mr. Sorensen will be involved in the search for, and smooth transition to, a new chief executive officer.

Calgary Co-op experienced record financial years in 2001 and 2002, and has maintained its leading position in the Calgary food industry in 2003, despite increasing competition in food and petroleum, the roof collapse of its North Hill Centre, BSE and SARs, all of which have had an impact on the businesses in which Calgary Co-op operates.

Locally owned and operated, Calgary Co-op is one of the largest retail co-operatives in North America, with assets of $252 million, annual sales of $730 million, 380,000 members and 3,600 employees. Calgary Co-op currently operates eighteen retail shopping centres in Calgary, Airdrie and Strathmore, Alberta, and a head office in northeast Calgary. Construction is also underway on the new Midtown Market, Rocky Ridge and West Spring food centres, which will open in late 2004 and 2005 respectively.

For more information, please contact:

Barry Ashton, Board Chair
Calgary Co-operative Association Limited
2735 - 39 Ave NE, Calgary, AB T1Y 7C7
Telephone: 403-219-6025