MONTREAL, May 5, 2020 /CNW Telbec/ - SNC-Lavalin (TSX: SNC)
today announces that Kevin Lynch has
informed the Board of Directors of SNC Lavalin of his intention to
step down as Chairman of the Board following the Annual General
Meeting (AGM), once a successor has been chosen by the Board. The
process for choosing Mr. Lynch's replacement will be led by the
Governance and Ethics Committee of the Board and Mr. Lynch has
requested that it be completed no later than September 2020.
Following the 2019 AGM, with many challenges facing SNC-Lavalin,
the focus of the Board of Directors has been on the Company's
renewal: its leadership, strategic direction, legal operating
environment and governance. ''During the last 12 months, we have
made significant progress in each of these shareholder
priorities,'' added Mr. Lynch.
These include:
- The senior management team has been renewed, beginning with the
appointment of Ian L. Edwards as
President and CEO, and now including new leadership in many parts
of the company.
- The strategic direction has been transformed, focusing on
high-value engineering services and exiting lump-sum turnkey
construction contracts as well as considering divestitures of
non-core activities and geographies.
- The legal operating environment facing the company has been
totally altered, with the settlement of the federal charges in
December 2019.
- The Board of Directors is being renewed, with four new
directors possessing a broad range of operational skills and
experiences agreeing to be nominated, and four existing directors
retiring.
''Having completed this key phase of the renewal of SNC-Lavalin,
which has taken enormous efforts on the part of both the Board and
senior management, and consumed much of my time as Chair, I believe
the next stage in our renewal path is a total focus on the
implementation of our new strategic direction, and in doing
so, building a world leading engineering services firm
headquartered in Canada,'' stated
Mr. Lynch.
''This shift should include a new Chair to help guide the
implementation of the Company's new direction during the coming
years, a time when experience in business transformation and
operations will be valuable. The recent turbulence and uncertainty
in the global economy because of the COVID-19 pandemic, and the
need for the company to navigate its strategic transformation
through this unprecedented situation, has reinforced in my mind
that moving early in this transition is most appropriate,'' added
Mr. Lynch.
"I believe in the potential and importance of SNC-Lavalin as an
innovative, global engineering services company, based in
Montreal, with operations spanning
the globe. I have been pleased to be able to contribute to the
renewal of this century-old Canadian icon at such a pivotal moment
in its history, and I have deeply appreciated working with such
dedicated SNC-Lavalin colleagues from the Board, management and
staff," Kevin Lynch added.
About SNC-Lavalin
Founded in 1911,
SNC-Lavalin is a fully integrated professional services and project
management company with offices around the world. SNC-Lavalin
connects people, technology and data to help shape and deliver
world-leading concepts and projects, while offering comprehensive
innovative solutions across the asset lifecycle. Our expertise is
wide-ranging — consulting & advisory, intelligent networks
& cybersecurity, design & engineering, procurement, project
& construction management, operations & maintenance,
decommissioning and sustaining capital – and delivered to clients
in four strategic sectors: EDPM (engineering, design and project
management), Infrastructure, Nuclear and Resources, supported by
Capital. People. Drive. Results.
www.snclavalin.com
SOURCE SNC-Lavalin