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MONTREAL, July 19 /CNW Telbec/ - GENIVAR Income Fund (the "Fund") announces that Daniel Fournier resigned as Chairman, Trustee and director of the Board of Fund, the GENIVAR Operating Trust and GENIVAR GP Inc. (the "Board") effective today, July 19, 2010.
Mr. Fournier has been in discussion with GENIVAR with respect to his eventual resignation following his appointment on June 14, 2010 as Executive Vice-President, Real Estate and President, Real Estate Group at the Caisse de dépôt et placement du Québec.
"On behalf of the Board members and the Fund, I would like to thank Daniel for his precious counsel and invaluable support. His leadership and vision contributed to the success of the Fund, which has reached a number of major milestones as part of its growth strategy," said Pierre Shoiry, President and CEO of the Fund. Mr. Fournier served the Fund since it became public as an income trust in May 2006 and was appointed Chairman of the Board in May 2007. Since his tenure, the Fund expanded significantly its geographic reach and became a national leader in the engineering services business in Canada while growing its international plateform. The Fund grew its revenue from $176 million to $478 million from fiscal year 2006 to fiscal year 2009. It has seen its workforce increased from 1,300 to more than 4,400 employees since 2006.
"We would like to congratulate Daniel for his new position and wish him the best of success in his new endeavours," added Mr. Shoiry. The Board will nominate one of its independent members as Acting Chairman at its next Board meeting in August 2010 until a successor trustee is identified.
GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Its clients, which are of varying sizes, fall into various market segments such as buildings, industrial and energy, municipal infrastructure, transportation and environment. GENIVAR is one of the largest engineering services firm in Canada in terms of number of employees with more than 4,400 managers, professionals, technicians and technologists and support staff in over 85 locations in Canada and abroad. www.genivar.com
SOURCE GENIVAR Inc.
For further information: For further information: Pierre Shoiry, President and CEO, GENIVAR Income Fund, Tel.: (514) 340-0046, ext. 5104; Marlene Casciaro, Director of Communications, GENIVAR Income Fund, Tel.: (514) 340-0046, ext. 5184