MONTREAL, Dec. 1, 2021 /CNW Telbec/ - Velan Inc. ("Velan")
(TSX: VLN) is pleased to announce the completion of its CEO
transition plan with the appointment of Bruno Carbonaro as CEO and President effective
today. Mr. Carbonaro who joined the company in 2019 as President
has become only the fourth leader in the 71-year history of the
global valve manufacturing company. Mr. Carbonaro succeeds
Yves Leduc who will continue as an
advisor to the Chairman and CEO to support the transition.
Yves Leduc will continue as a
director until the January
12th, 2022 meeting.
Jim Mannebach, Board Chair,
stated "We are very pleased to welcome Bruno to his new leadership
role as CEO. The appointment of Bruno
Carbonaro is the culmination of a leadership transition and
succession process that started in 2019 when Bruno was hired as
President. There has been excellent collaboration between Yves and
Bruno throughout the process. I would like to thank Yves for his
professionalism and focus on ensuring a smooth transition".
Tom Velan, former Chairman and
CEO stated "Congratulations to Bruno on becoming the second
non-Velan family leader of the company. Bruno is from France which reflects the growing importance
of our European subsidiaries to our consolidated results. During
his two years as President, Bruno has concentrated on improving our
operating margins, managing production through the restructuring
process, and improving our global consolidated results while
dealing with the pandemic constraints. Now Bruno is ready and
enthusiastic to become CEO and he is highly motivated to lead the
company to a successful future, building on the V20
transformation."
Bruno Carbonaro stated "I am very
proud to become the CEO of Velan, a global valve company that has
built up a great reputation over 70 years for its excellent
products, its entrepreneurial culture, and the know-how of its
employees. In my first two years I have learned a lot about the
company, the valve market, our customers, and our
employees. I believe that I am well prepared for the
role thanks to the successfully executed transition plan with the
support and counsel of Yves, the Board, and the Velan family. I am
aware of both the challenges and opportunities, and I am highly
motivated to work with the management team and all our employees to
realize our ambitions."
Yves Leduc stated "I have been
privileged to lead this company for the last seven years but now
that our V20 transformation plan has been implemented, the timing
is right for Bruno to lead the next phase. I think that our
succession and transition plan has been executed very well despite
the Covid constraints. Bruno is ready to lead the company, and I
wish Bruno and the company a successful future."
About Velan
Founded in Montreal in 1950, Velan Inc. (www.velan.com)
is one of the world's leading manufacturers of industrial valves,
with sales of US$302.1 million in its
last reported fiscal year. The Company employs close to 1,700
people and has manufacturing plants in 9 countries. Velan Inc. is a
public company with its shares listed on the Toronto Stock Exchange
under the symbol VLN.
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This news release may include
forward-looking statements, which generally contain words like
"should", "believe", "anticipate", "plan", "may", "will", "expect",
"intend", "continue" or "estimate" or the negatives of these terms
or variations of them or similar expressions, all of which are
subject to risks and uncertainties, which are disclosed in the
Company's filings with the appropriate securities commissions.
While these statements are based on management's assumptions
regarding historical trends, current conditions and expected future
developments, as well as other factors that it believes are
reasonable and appropriate in the circumstances, no forward-looking
statement can be guaranteed, and actual future results may differ
materially from those expressed herein. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements contained herein whether as a result of new information,
future events or otherwise, except as required by the applicable
securities laws. The forward-looking statements contained in this
news release are expressly qualified by this cautionary
statement.
SOURCE Velan Inc.