VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - The Board of Directors of Finning International (FTT.TO) is pleased to announce the appointment of Scott Thomson as president and CEO, succeeding Mike Waites, effective June 17, 2013.
"We are extremely pleased to announce Scott's appointment and welcome him to Finning International," said Doug Whitehead, chairman of Finning's Board of Directors. "Scott's international experience, broad financial capabilities, and considerable strategic acumen complement the leadership team's existing breadth and operational strength. His knowledge and background, along with an energetic leadership style, make him well-equipped to build on our successful track record of creating value at Finning over the long-term."
Mr. Thomson joins Finning from Talisman Energy Inc. where he was chief financial officer with responsibility for finance, tax, treasury, investor relations, marketing, business development, and strategy, planning and performance management. Prior to joining Talisman, Mr. Thomson held several executive positions with Bell Canada Enterprises, including executive vice president, corporate development; vice president, head of mergers and acquisitions; and vice president, corporate strategy. Prior to Bell, Mr. Thomson was a vice president at Goldman, Sachs and Co. Thomson graduated with a Bachelor of Arts in Economics and Political Science from Queen's University, Kingston and an MBA from the University of Chicago, Graduate School of Business.
The appointment follows a thorough succession process to identify a candidate to succeed current president and CEO Mike Waites, who announced his intention to retire from the company in January 2013, pending the choice of a successor.
Mr. Whitehead added, "On behalf of the Board, I want to take this opportunity to thank Mike Waites for his invaluable contribution as president and CEO since 2008. Mike's dedication and wisdom have been the hallmarks of his leadership and he was instrumental in repositioning the company for future growth."
"I am pleased to join the strong Finning management team, and I am especially excited by Finning's business opportunities," said Mr. Thomson. "Finning is strategically well positioned, and has succeeded by focusing on operations and customers. I very much look forward to working with the team to continue to build on their success."
Finning International Inc. (FTT.TO) is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers for 80 years. Finning sells, rents and services 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.
This report contains statements about the Company's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. 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. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy and associated impact on the Company's financial results; expected revenue and SG&A levels and EBIT growth; anticipated generation of free cash flow (including projected net capital and rental expenditures), and its expected use; anticipated defined benefit plan contributions; the expected target range of the Company's Debt Ratio; the impact of new and revised IFRS that have been issued but are not yet effective. 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 describe Finning's expectations at May 8, 2013. 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; risks associated with the conduct of business in foreign jurisdictions; 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 realize expected benefits of acquisitions; 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, and availability of information technology and the data processed by that technology; expected operational benefits from the new ERP system. 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. Refer in particular to the Outlook section of the MD&A. 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 the Company's current Annual Information Form (AIF) in Section 4.
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.
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