Finning International announces CEO planned retirement and transition plan for 2013
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.
