TORONTO, Feb. 27, 2014 /CNW/ - ShawCor Ltd. announced today that Bill
Buckley will retire as Chief Executive Officer at the Company's Annual
Meeting on May 1, 2014 but will stand for re-election as a director of
the Company. Current President, Steve Orr will succeed him as CEO on
that date and will also stand for election as a director at the
Bill joined ShawCor in 1994 as Executive Vice President and was
appointed Chief Operating Officer in December 2000, President and CEO
in June 2005 and a director in August 2005. Under his leadership,
ShawCor enjoyed record revenue, net income and EBITDA in 2012 and again
in 2013. ShawCor has achieved strong performance over the long term as
well, with a compound annual growth rate in net income of 14.8% over
the last 20 years. Since Bill's appointment as CEO, ShawCor's total
return to shareholders ("TRS") has grown at a compound annual rate of
11.8%, which compares very favourably with the 6.8% TRS growth rate of
the TSX Composite Index over the same period.
ShawCor's Chair Jack Petch said, "The Board would like to thank Bill
Buckley for his strong leadership and commitment to ShawCor. His
leadership was instrumental in building ShawCor's current competitive
advantage which is based on technological innovation, lean execution,
strategic global locations, a track record of superior performance and
strategic acquisitions, including Flexpipe and Socotherm."
Steve Orr was appointed President of ShawCor in September 2013 following
a more than 20 year career with a leading global energy services
company where he served in senior executive positions in many locations
throughout North America, Russia, Europe and the Asia Pacific region.
Commenting on Mr. Orr's appointment, current CEO Bill Buckley
noted: "Steve brings extensive international experience, particularly
as it relates to technology development and commercialization and
acquisition targeting and integration. I am confident that Steve Orr is
the right person to take over as CEO of ShawCor Ltd. and to lead
ShawCor to the next level on its continuing global growth trajectory."
ShawCor Ltd. is a global energy services company specializing in
products and services for the pipeline and pipe services and the
petrochemical and industrial segments of the oil and gas industry. The
Company operates through eight divisions with over seventy-five
manufacturing and service facilities located around the world.
This news release contains forward-looking information within the
meaning of applicable securities laws. This forward looking information
is based on assumptions, estimates, and analysis made in the light of
the Company's experience and its perception of trends, current
conditions and expected developments, as well as other factors that are
believed by the Company to be reasonable and relevant in the
circumstances. Forward- looking information involves known and unknown
risks, uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from those
predicted, expressed, or implied by the forward-looking
information. The forward-looking information is provided as of the date
of this news release and the Company does not assume any obligation to
update or revise the forward-looking information to reflect new events
or circumstances, except as required by law.
Image with caption: "ShawCor Ltd. CEO Bill Buckley announced his retirement after 20 years with the company. (CNW Group/ShawCor Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140227_C8022_PHOTO_EN_37318.jpg
SOURCE: ShawCor Ltd.
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Chief Executive Officer