Monette was selected as Artistic Director Designate of Stratford in 1992, and subsequently named artistic director in 1994. During his tenure, he not only staged every one of Shakespeare's plays, he also showcased big-production musicals such as "My Fair Lady" and "Anything Goes". Although critics argued that the musicals were too populist, Monette erased the Festival's considerable financial deficit and brought in new audiences. His other legacies at Stratford include the Birmingham Conservatory acting school, a $50 million endowment fund, and the opening of a fourth theatre, the 260-seat Studio Theatre. He also continued to take on occasional acting roles; in 1996, he appeared in the TV movie "And Then There was One". A little over a year after his retirement, he died of a pulmonary embolism. He was buried at the Avondale Cemetery in Stratford, Ontario.