VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/08/13 -- Finning International Inc. (TSX: FTT) announced today that Mr. Mike Waites has decided to retire in 2013 and will not seek re-election as a director at Finning's 2013 annual meeting of shareholders. Mr. Waites will continue to serve as president and CEO until a replacement is appointed in order to facilitate an effective transition of responsibilities.
"This is the right decision as I approach the fifth anniversary of my tenure as CEO. I am confident that my decision comes at a time when Finning is well-positioned for continued success many years into the future," said Mr. Waites. "I am fully committed to working with the Board of Directors to identify a successor and I look forward to leading our strategic initiatives during this orderly transition period."
Mr. Doug Whitehead, chairman of Finning's Board of Directors, has advised that as part of the company's succession process, the Board of Directors has retained an executive search firm to assist with the process of selecting a successor to Mr. Waites and is considering qualified internal and external candidates.
Mr. Waites, 59, has led Finning International as president and chief executive officer since May of 2008. Prior to this, he held the position of executive vice president and chief financial officer of Finning International effective May 1, 2006.
Finning International Inc. (TSX: FTT) is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers since 1933. 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; growth prospects for the former Bucyrus business acquired by the Company in Finning's dealership territories (Bucyrus) and the competitive advantages of the business being acquired; expected future financial and operating results generated from Bucyrus; anticipated benefits and synergies of Bucyrus; and the expected impact of Bucyrus on Finning's earnings. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.
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