Finning International Announces Leadership Change
June 13 2014 - 9:30AM
Marketwired
Finning International Announces Leadership Change
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 13, 2014) -
Finning International Inc. (TSX:FTT) today announced that Dave
Smith, executive vice president and chief financial officer, is
leaving the company to pursue other opportunities, effective June
30, 2014. Mr. Smith joined the company in 2009 and has been a
valued member of the executive leadership team since that time.
"Dave has made significant contributions to Finning since
joining the organization as CFO. In particular, he has played a
leadership role in building the finance team's capabilities. I want
to thank him for his contributions and wish him all the best in his
future endeavours," said Scott Thomson, president and chief
executive officer of Finning International.
Finning has retained an external search firm to identify a new
CFO. In the interim, Anna Marks, senior vice president, corporate
controller, will assume responsibility for the company's tax and
internal audit functions in addition to overseeing financial
reporting. Greg Palaschuk, who recently joined Finning as vice
president, treasurer, retains responsibility for treasury, investor
relations and business performance, planning and analysis. Both
Anna and Greg will report directly to Scott Thomson, president and
chief executive officer.
"Anna is an experienced financial executive and an exemplary
leader with a deep understanding of our business. She is well
qualified to step in during the executive search process and I have
every confidence she will enable us to achieve a seamless
transition to a new CFO. We are fortunate to have strong leaders
with the expertise and acumen required to maintain focus on
achieving our objectives during this transition," added Mr.
Thomson.
About Finning
Finning International Inc. (TSX:FTT) is the world's largest
Caterpillar equipment dealer delivering unrivalled service to
customers for over 80 years. Finning sells, rents and provides
parts and services for equipment and engines to help customers
maximize productivity. Headquartered in Vancouver, B.C., the
Company operates in Western Canada, Chile, Argentina, Bolivia,
Uruguay, as well as in the United Kingdom and Ireland.
Forward-Looking Disclaimer
A statement Finning makes is forward-looking when it uses what
the Company knows and expects today to make a statement about the
future. Forward-looking statements may include words such as aim,
anticipate, assumption, believe, could, expect, goal, guidance,
intend, may, objective, outlook, plan, project, seek, should,
strategy, strive, target, and will. All such forward-looking
statements are made pursuant to the 'safe harbour' provisions of
applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in
this report reflect Finning's expectations at June 13, 2014. Except
as may be required by Canadian securities laws, Finning does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
Forward-looking statements, by their very nature, are subject to
numerous risks and uncertainties and are based on several
assumptions which give rise to the possibility that actual results
could differ materially from the expectations expressed in or
implied by such forward-looking statements and that Finning's
business outlook, objectives, plans, strategic priorities and other
statements that are not historical facts may not be achieved. As a
result, Finning cannot guarantee that any forward-looking statement
will materialize. Factors that could cause actual results or events
to differ materially from those expressed in or implied by these
forward-looking statements include: general economic and market
conditions; foreign exchange rates; commodity prices; the level of
customer confidence and spending, and the demand for, and prices
of, Finning's products and services; Finning's dependence on the
continued market acceptance of Caterpillar's products and
Caterpillar's timely supply of parts and equipment; Finning's
ability to continue to improve productivity and operational
efficiencies while continuing to maintain customer service;
Finning's ability to manage cost pressures as growth in revenues
occur; Finning's ability to reduce costs in response to slowing
activity levels; Finning's ability to attract sufficient skilled
labour resources to meet growing product support demand; Finning's
ability to negotiate and renew collective bargaining agreements
with satisfactory terms for Finning's employees and the Company;
the intensity of competitive activity; Finning's ability to raise
the capital needed to implement its business plan; regulatory
initiatives or proceedings, litigation and changes in laws or
regulations; stock market volatility; changes in political and
economic environments for operations; the integrity, reliability,
availability and benefits from information technology and the data
processed by that technology. Forward-looking statements are
provided in this report for the purpose of giving information about
management's current expectations and plans and allowing investors
and others to get a better understanding of Finning's operating
environment. However, readers are cautioned that it may not be
appropriate to use such forward-looking statements for any other
purpose.
Forward-looking statements made in this report are based on a
number of assumptions that Finning believed were reasonable on the
day the Company made the forward-looking statements. Some of the
assumptions, risks, and other factors which could cause results to
differ materially from those expressed in the forward-looking
statements contained in this report are discussed in Section 4 of
the Company's current AIF.
Finning cautions readers that the risks described in the AIF are
not the only ones that could impact the Company. Additional risks
and uncertainties not currently known to the Company or that are
currently deemed to be immaterial may also have a material adverse
effect on Finning's business, financial condition, or results of
operations.
Except as otherwise indicated, forward-looking statements do not
reflect the potential impact of any non-recurring or other unusual
items or of any dispositions, mergers, acquisitions, other business
combinations or other transactions that may be announced or that
may occur after the date hereof. The financial impact of these
transactions and non-recurring and other unusual items can be
complex and depends on the facts particular to each of them.
Finning therefore cannot describe the expected impact in a
meaningful way or in the same way Finning presents known risks
affecting its business.
Finning International Inc.Mauk BreukelsVice President, Investor
Relations and Corporate Affairs(604)
331-4934mauk.breukels@finning.comwww.finning.com
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