MONTREAL, May 2, 2018 /CNW Telbec/ - MTY Food Group Inc.
("MTY" or the "Company") (TSX: MTY), franchisor and operator of
multiple concepts of restaurants, today announces that its founder
Mr. Stanley Ma has indicated to the
board of directors he will be stepping down as Chief Executive
Officer of the Company effective November
2nd, 2018.
While Mr. Ma will retain his role as the Chairman of the Board
of Directors of the Company, Mr. Eric
Lefebvre will become the chief executive officer of the
Company. Mr. Lefebvre has joined the Company in 2009 and is
currently the CFO of MTY.
"Over the past decade, MTY as assembled a strong leadership team
to drive its business to new heights but also in anticipation of
this day. We have been reiterating for many years that MTY is
no longer a one-person company, but rather a team of 700 people",
says Stanley Ma, chairman of board
of directors of MTY. "I intend to be an active chairman, providing
guidance for our acquisition strategy, while Mr. Lefebvre and our
remarkable senior leadership team will carry the operations of the
Company and execute MTY's strategy. Mr. Lefebvre has played a
pivotal role in the Company over the past 9 years. His decisive
leadership, management skills and great knowledge of our industry
qualify him to be promoted into that role."
"After nearly four decades at the head of MTY, I am still as
passionate about MTY and about the restaurant industry as I was 39
years ago when MTY was founded, but the time has come to continue
my journey with MTY from a new perspective".
Mrs. Claude St-Pierre will also
be stepping down from her role as COO of MTY on November 2nd, 2018 to concentrate on
the execution of the Company's acquisition strategy. Mrs.
St-Pierre will retain her role as
a director and secretary of MTY. During the transition period,
Mr. Lefebvre will gather a team of executives that will be taking
over Mrs. St-Pierre's duties and
will make recommendations to the Board of Directors to name a new
CFO. Those functions are expected to be mostly shared among
MTY's current management team.
"Since I have joined MTY in 2009, I have had the privilege to
work with two great mentors, Stanley
Ma and Claude St-Pierre",
said Eric Lefebvre. "It is with
great pride that I will continue my progression with the
organization. I look forward to continue building on
Stanley Ma's legacy in this
opportunity-rich environment."
"Over the next few weeks, the focus will be on identifying the
very best talents within the organization to ensure the growth of
MTY continues far into the future. The Company has changed
tremendously during the last nine years, the goal will be to select
those people that can continue to carry the momentum. Our core
values of Excellence, Dedication and Innovation will remain at the
heart of everything we do, as we will embrace the culture and
tradition inherited from Mr. Ma while implementing those
incremental changes that are required to make the business thrive
in years to come."
About Eric Lefebvre
Eric Lefebvre has joined MTY in
2009 as Vice-President and Controller. He quickly was promoted
into the Chief Financial Officer role, which he occupies since
2012. Mr. Lefebvre has played an active role in the steady
growth of MTY, from 1,570 locations and an EBITDA of $22 million at the time he joined to
approximately 5,700 locations and a projected EBITDA of
$130 million in the next twelve
months.
Forward Looking Information
Certain information in this news release constitutes
"forward-looking" information that involves known and unknown risks
and uncertainties future expectations and other factors which may
cause the actual results, performance or achievements of MTY to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
information. All statements other than statements of
historical facts included in this news release may constitute
forward looking statements within the meaning of Canadian
securities legislation and regulation. Forward-looking statements
can generally be identified by the use of forward-looking
terminology such as "anticipate", "estimate", "may", "will",
"expect", "believe", "plan" or variations of such words and
phrases, or by the use of words or phrases which state that certain
actions, events or results may, could, would, or might occur or be
achieved. These forward-looking statements are not facts or
guarantees of future performance, but only reflections of estimates
and expectations of MTY's management and involve a number of risks,
uncertainties, and assumptions.
The forward-looking information contained in this news release
reflects MTY's current expectations and assumptions regarding
future events and operating performance and speaks only as of the
date of this news release. While these assumptions and expectations
are considered reasonable, a number of factors could cause the
actual results, level of activity, performance or achievements to
be materially different from the expectations and assumptions of
MTY, including those discussed in MTY's public filings available at
www.sedar.com and in particular in its most recent annual
information form under "Risk Factors" and in its management's
discussion and analysis for its fiscal year ended November 30, 2017 under "Risk and
Uncertainties".
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Forward-looking information contained in this news
release is expressly qualified by this cautionary statement. Except
as required by law, MTY assumes no obligation to update or revise
forward-looking information to reflect new events or
circumstances.
On Behalf of the Board of Directors of
MTY Food
Group Inc.
_____________________________________
Stanley Ma, Chairman of the Board of
Directors
SOURCE MTY Food Group Inc.