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FTT Finning International Inc

43.03
0.45 (1.06%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Finning International Inc TSX:FTT Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.45 1.06% 43.03 42.86 43.29 43.30 42.70 42.70 392,516 21:12:17

Finning International Announces Leadership Change

13/06/2014 2:30pm

Marketwired Canada


Finning International Inc. (TSX:FTT) today announced that Dave Smith, executive
vice president and chief financial officer, is leaving the company to pursue
other opportunities, effective June 30, 2014. Mr. Smith joined the company in
2009 and has been a valued member of the executive leadership team since that
time.


"Dave has made significant contributions to Finning since joining the
organization as CFO. In particular, he has played a leadership role in building
the finance team's capabilities. I want to thank him for his contributions and
wish him all the best in his future endeavours," said Scott Thomson, president
and chief executive officer of Finning International. 


Finning has retained an external search firm to identify a new CFO. In the
interim, Anna Marks, senior vice president, corporate controller, will assume
responsibility for the company's tax and internal audit functions in addition to
overseeing financial reporting. Greg Palaschuk, who recently joined Finning as
vice president, treasurer, retains responsibility for treasury, investor
relations and business performance, planning and analysis. Both Anna and Greg
will report directly to Scott Thomson, president and chief executive officer.


"Anna is an experienced financial executive and an exemplary leader with a deep
understanding of our business. She is well qualified to step in during the
executive search process and I have every confidence she will enable us to
achieve a seamless transition to a new CFO. We are fortunate to have strong
leaders with the expertise and acumen required to maintain focus on achieving
our objectives during this transition," added Mr. Thomson. 


About Finning

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 services for 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.


Forward-Looking Disclaimer

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. 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 June 13, 2014. 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 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 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. 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Finning International Inc.
Mauk Breukels
Vice President, Investor Relations and Corporate Affairs
(604) 331-4934
mauk.breukels@finning.com
www.finning.com

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