CALGARY, Feb. 17, 2016 /CNW/ - The Board of Directors of
Genesis Land Development Corp. (TSX: GDC) (the "Corporation" or
"Genesis") made the following announcements today.
Mr. Bruce Rudichuk has left the
Company as President and Chief Executive Officer effective
immediately. In addition, Mr. Mark
Scott has left the Company as Executive Vice President and
Chief Financial Officer effective immediately.
"On behalf of the board and all employees, we thank Bruce and
Mark for their contributions to Genesis and we wish them well in
their next endeavours", said Stephen J.
Griggs, Chair of the Board.
The board of directors of the Company has appointed Stephen J. Griggs as the interim Chief Executive
Officer effective immediately. Mr. Griggs has been a director
and the Chair of the Board since mid-2013, and is also the Chief
Executive Officer of Smoothwater Capital Corporation, the largest
shareholder of the Company. Mr. Griggs has been the CEO or Chief
Operating Officer of several large Canadian businesses over the
last 20 years, and is a member of the Law Society of Upper Canada.
The board of directors expects to announce the appointment of a
replacement Chief Financial Officer in the near future.
Directors Stephen Griggs,
Iain Stewart and Steven Glover (also the Lead Director) will
oversee the transition of management, ensure the Company is
positioned to deal with Calgary's
volatile economy and undertake a process to identify qualified
candidates for the roles of permanent CEO and CFO.
About Genesis
Genesis is an integrated, award-winning land developer and
residential homebuilder, creating innovative and successful
communities in the Calgary
Metropolitan Area. Genesis is committed to supporting its
communities through partnerships like the Genesis Centre of
Community Wellness and Genesis Place Recreational Centre. Genesis
owns a large portfolio of entitled residential and mixed use land,
which is exceptionally well positioned to benefit from the
Alberta economy. The Corporation's
common shares are listed on the Toronto Stock Exchange (TSX:
GDC)
SOURCE Genesis Land Development Corp.