Aecon holds 2013 Annual General Meeting
TORONTO, June 11, 2013 /CNW/ - Aecon Group Inc. (TSX: ARE) held its Annual General Meeting today at the Design Exchange in Toronto, and reaffirmed its positive outlook for 2013 and its target of 9 per cent EBITDA margin in 2015.
"We have made considerable progress in improving our margins through a continuous and relentless focus on execution. Aecon has been built as a proudly Canadian company, and we are confident that through our hard work Aecon will become Canada's premier construction and infrastructure development company," said John M. Beck, Chairman and CEO.
McKibbon Appointed as President and Chief Operating Officer
At its Board Meeting held after the Annual General Meeting, Aecon also announced the appointment of Terrance L. McKibbon, currently Chief Operating Officer, as President and Chief Operating Officer of Aecon Group Inc. and the Honourable Brian V. Tobin as Lead Director and Vice Chairman of Aecon Group Inc.
Mr. McKibbon has been with Aecon since 1996 and has effectively led its operations team with a strategic and collaborative leadership style that has brought together its various business units to offer turnkey solutions to clients, utilizing the company's diverse set of capabilities.
"Aecon has been in the process of transforming itself to offer an unparalleled suite of services in its three core market sectors: infrastructure, energy and mining, and Teri has been at the forefront of our focus on improving margins with a disciplined approach to bidding, project controls and risk management practices," said John M. Beck. "Teri is an extraordinary leader who I am confident will drive Aecon's continued strong financial performance."
Mr. McKibbon said: "Aecon will continue to execute its business strategy focusing on people, profitability, partnerships and performance, including continually leveraging our national scope and scale."
He cited the Company's success in building a national mining capability and growth in its pipeline business in Western Canada. He also said that a recently announced $250 million cogeneration project (in a 50/50 joint venture with Black & Veatch) is further evidence of Aecon's growth and positive outlook in the energy sector.
"This project demonstrates the diverse capabilities that Aecon can provide to our clients," added Mr. McKibbon.
The project includes engineering and construction of a cogeneration facility located at the Syncrude Upgrader site and will also involve pipe fabrication and module assembly work.
Election of Board of Directors
Aecon's shareholders elected Monica Sloan as a new Director to the Board. Ms. Sloan is currently a Director of Methanex, the world's largest supplier of methanol, and is the former Chief Executive Officer and Managing Director of Intervera Ltd. a data quality product and solutions firm servicing the energy and utilities industry. She has broad business experience having served as the President at Kelman Technologies, President and Founder of TELUS Advanced Communications, and has held senior management positions at Digital Canada and Nova Corporation. Ms. Sloan holds a Masters of Engineering from Stanford University and a Masters of Business Administration from Harvard Business School.
Ms. Sloan replaces Rob Wildeboer who did not stand for re-election after serving as a Director of Aecon for twenty years.
Aecon's shareholders also elected Chairman John M. Beck, Austin C. Beutel, Michael A. Butt, Anthony P. Franceschini, J.D. Hole, Rolf Kindbom, and The Honourable Brian V. Tobin to the Board of Directors at the annual meeting.
Additionally shareholders voted in favour of an advisory resolution on the compensation of the company's named executive officers.
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently recognized as one of the Best Employers in Canada.
The information in this press release includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors. Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws. Forward-looking statements may include, without limitation, statements regarding the operations, business, performance, prospects, strategies and outlook for Aecon. Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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