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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 18, 2016) - Finning International Inc. (TSX:FTT) today announced that as part of ongoing board renewal Mr. Doug Whitehead will step down as Chairman of the Board at the Company's Annual General Meeting (AGM) on May 4, 2016. Mr. Whitehead, who has been Chairman of the Board since 2008 and a member of the Board since 1999, will remain on the Board of Directors, subject to his re-election to the Board at the AGM. Mr. Mike Wilson will succeed Mr. Whitehead as Chairman of the Board of Directors on May 4, 2016, also subject to his re-election to the Board. Mr. Wilson joined Finning's Board of Directors in January 2013 bringing decades of executive leadership experience, most recently as CEO of Agrium.
Finning is also pleased to announce the appointment of Stuart Levenick to the company's Board of Directors effective March 1, 2016.
Mr. Levenick brings a wealth of corporate executive experience gained over the course of his 37-year career at Caterpillar, which included 10 years as Group President prior to his retirement from the company. In his most recent role, Mr. Levenick's responsibilities included management of businesses spanning marketing, manufacturing operations, engineering, supply chain, procurement, human resources and data innovation. As Group President, Mr. Levenick also had overall leadership of customer and dealer support for Caterpillar. Mr. Levenick has a strong background in marketing and general management as well as broad global experience gained from assignments based in the United States, Canada, Russia, Asia Pacific and Japan.
Mr. Levenick graduated from the University of Illinois with a Bachelor of Science degree in Forestry and is a Sloan Fellow, with a Master of Science degree in management from the Massachusetts Institute of Technology.
"The Board of Directors of Finning is very pleased to have Stu join the Company's Board," said Chairman of the Board, Mr. Whitehead. "Stu has been a valuable partner to the Finning organization in his past role as Group President of Caterpillar."
"We look forward to leveraging his direct industry experience and knowledge to ensure Finning continues to deliver value for its customers while advancing its operational priorities," said Mr. Wilson.
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 service for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, 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; workforce reductions; distribution network and goodwill impairment charges; facility closures; expected revenue; expected free cash flow; EBIT margin; expected range of the effective tax rate; ROIC; market share growth; expected results from service excellence action plans; anticipated asset utilization; inventory turns and parts service levels; the expected target range of the Company's net debt to invested capital ratio; and the expected financial impact from acquisitions. 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 February 18, 2016. 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 products and 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 revenue occurs; Finning's ability to reduce costs in response to slowing activity levels; Finning's ability to attract sufficient skilled labour resources as market conditions, business strategy or technologies change; 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. Refer in particular to the Outlook section of this 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 Section 4 of the Company's current AIF.
Finning cautions readers that the risks described in the MD&A and 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.