Appointment Effective February 2012 with Retirement of Bob Cronin
TORONTO, Sept. 15, 2011 /CNW/ - The Board of Directors of Davis +
Henderson Corporation (TSX: DH) ("D+H" or the "Company") today announced that Bob Cronin has advised
of his plan to retire in February 2012. In connection with this plan,
the Board also announced that effective at that time, Gerrard Schmid,
the Company`s President and Chief Operating Officer, will assume the
role of CEO and will join the D+H Board.
In announcing the succession, Paul Damp, Chairman of the Board, said:
"Bob has led D+H with distinction and we are truly grateful for his
considerable contribution. Our well-established succession plan will
ensure a smooth transition of duties from Mr. Cronin to Mr. Schmid.
Gerrard brings tremendous experience to the position and has shown
great vision and operational leadership since he joined D+H in 2007. To
assist in the planned transition, Bob will serve as an advisor to
Gerrard through 2012."
Mr. Schmid has more than 15 years of experience in financial services,
serving in senior capacities in the domestic and international banking
industry. Prior to joining D+H in 2007 as President of one of D+H's
operating divisions, he served as head of the deposits and overdraft
lending business of Lloyds TSB Bank in the United Kingdom and in Canada
as Chief Operating Officer of CIBC's retail bank where he was
responsible for telephone banking and internet channels, sales
automation technologies, operational risk and several other functions.
Mr. Schmid is also actively involved in the community as a Board member
of the Sunnybrook Hospital Foundation and as a member of the Toronto
Cabinet of the United Way.
"As a key member of our leadership team, Gerrard has played an important
role in the strategic growth of our business, including the acquisition
and integration of a number of market-leading service offerings for our
customers," said Mr. Damp. "Based on his intimate knowledge of the
financial services industry, his proven ability to manage large,
diverse organizations and his passion to serve, Gerrard will carry on
the strong tradition of leadership at D+H."
Mr. Cronin joined D+H in 1996 as President and Chief Operating Officer
and has led as the Company's CEO since 2004. "Bob has served D+H
through a period of positive change and progress for our business,"
said Mr. Damp. "During Bob`s tenure, we successfully transitioned from
a private enterprise operating a single service platform to become a
broadly owned public company that now serves as a go-to solutions
provider for the financial services industry. Bob also deserves credit
for building a deep and talented management team that is well equipped
to deliver growth and value moving forward. On behalf of the board, I
would like to thank Bob for his many outstanding contributions to the
advancement of D+H."
Said Mr. Cronin: "One of our strengths at D+H is that we have a great
team. Over the past few years, Gerrard has both strengthened and shaped
our team to deliver value to our customers and shareholders. Assuming
full leadership of the team is the logical next step and Gerrard is
well prepared for his added responsibilities. He will make an excellent
CEO. I would like to congratulate Gerrard and thank the D+H family for
their support over the years. "
ABOUT DAVIS + HENDERSON
Founded in 1875, Davis + Henderson provides innovative programs,
technology products, and technology based business services to
customers in the financial services industry who offer deposit,
lending, insurance and wealth management products to consumers and
businesses. Davis + Henderson Corporation is listed on the Toronto
Stock Exchange under the symbol DH. Further information can be found in
the disclosure documents filed by Davis + Henderson Corporation with
the securities regulatory authorities, available at www.sedar.com.
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute
forward-looking information within the meaning of applicable securities
laws ("forward-looking statements"). Statements concerning D+H's
objectives, goals, strategies, intentions, plans, beliefs, expectations
and estimates, and the business, operations, financial performance and
condition of D+H are forward-looking statements. The words "believe",
"expect", "anticipate", "estimate", "intend", "may", "will", "would"
and similar expressions and the negative of such expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are subject to important assumptions,
including the following specific assumptions: the ability of D+H to
meet its revenue and EBITDA targets; general industry and economic
conditions; changes in D+H's relationship with its customers and
suppliers; pricing pressures and other competitive factors; the
anticipated effect of the acquisition of Mortgagebot on the financial
performance of D+H; and the expected benefits arising as a result of
the acquisition of Mortgagebot. D+H has also made certain macroeconomic
and general industry assumptions in the preparation of such
forward-looking statements. While D+H considers these factors and
assumptions to be reasonable based on information currently available,
there can be no assurance that actual results will be consistent with
these forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Business, or developments in D+H's
industry, to differ materially from the anticipated results,
performance, achievements or developments expressed or implied by such
Risks related to forward-looking statements include, among other things,
challenges presented by declines in the use of cheques by consumers;
D+H's dependence on a limited number of large financial institution
customers and dependence on their acceptance of new programs; strategic
initiatives being undertaken to meet the D+H's financial objective;
stability and growth in the real estate, mortgage and lending markets;
as well as general market conditions, including economic and interest
rate dynamics. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The documents
incorporated by reference herein also identify additional factors that
could affect the operating results and performance of D+H.
Forward-looking statements are based on management's current plans,
estimates, projections, beliefs and opinions, and D+H does not
undertake any obligation to update forward-looking statements should
assumptions related to these plans, estimates, projections, beliefs and
opinions change except as required by applicable securities laws.
All of the forward-looking statements made in this press release are
qualified by these cautionary statements and other cautionary
statements or factors contained herein, and there can be no assurance
that the actual results or developments will be realized or, even if
substantially realized, that they will have the expected consequences
to, or effects on, D+H.
SOURCE Davis + Henderson Corporation
For further information:
Brian Kyle, Chief Financial Officer, (416) 696-7700, extension 5690, or visit our website at www.dhltd.com