Thanks Ron D. Barbaro for his Service as Chairman of The Brick
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IN THE U.S./
EDMONTON, April 7 /CNW/ - The Brick Ltd. (TSX: BRK) (the "Brick Group")
today announced its succession plans for key positions at the Brick
Group to take effect January 1, 2012. It is the intention of the Brick
Group to appoint current President and Chief Executive Officer Bill
Gregson to the position of Executive Chairman of the Board of Directors
and current President, Business Support Vi Konkle to the position of
President and Chief Executive Officer.
After having served as Chairman of the Board of The Brick Group since
its public offering in July 2004, Ron D. Barbaro has announced his
intention to step down as Chairman of the Board of Directors of The
Brick and its subsidiaries Trans Global Insurance Company and Trans
Global Life Insurance Company effective December 31, 2011. "Ron has
been a great asset to The Brick over the years", said Bill Gregson.
"His experience and insight has been invaluable in making The Brick the
leading furniture retailer in Canada." Mr. Barbaro will seek election
as a Director at the Brick Group's Annual General Meeting on May 12,
2011 and intends to serve as Chairman until the end of 2011 and will
continue to serve as Director.
"Fundamentally, what we continually strive to do is to make The Brick
Canada's choice for buying furniture, mattresses, appliances and
electronics," noted Mr. Barbaro.
Current President and Chief Executive Officer of the Brick Group, Bill
Gregson announced that he will continue as President and CEO until
December 31, 2011. Chairman Ron D. Barbaro said "Bill has demonstrated
real acumen and leadership in coming on board at The Brick and steering
it in the right direction. His hands on experience at The Brick
combined with his upcoming role will ensure that The Brick continues
the path initiated since late 2009."
Mr. Gregson, who currently serves on the Board of Directors of the Brick
Group will assume the position of Executive Chairman effective January
1, 2012 upon the end of his employment contract. "I have really
enjoyed my time at The Brick," said Mr. Gregson. "We have built a
fantastic team, and I am thrilled to be continuing to contribute to The
Brick in this new capacity." Mr. Gregson has served as President and
CEO and on the Board of the Brick Group since he joined the Brick Group
on July 10, 2009.
Vi Konkle will assume the position of President and CEO on January 1,
2012, succeeding Mr. Gregson in the role, in accordance with the Brick
Group's succession plan. "Since joining The Brick, Vi has demonstrated
strong leadership and retail acumen and has had a major impact in her
areas of responsibility." Mr. Gregson continued, "I am confident that
she will lead the Brick team to continued growth, profitability and
relevance to the Canadian customer." Since joining the Brick Group on
February 3, 2010, Mrs. Konkle has held the position of President,
Business Support. Prior to joining the Brick Group, Mrs. Konkle held a
number of positions with Wal-Mart Canada, including Chief Operating
Officer, and with Loblaw Companies Ltd.
The Brick Group's succession plans are an expression of its intentions
at this time and are subject to its corporate procedures including its
election of Directors to the Board at its upcoming Annual General
Meeting on May 12, 2011.
About the Brick Group
The Brick Group, together with its subsidiaries, is one of Canada's
largest volume retailers of household furniture, mattresses, appliances
and home electronics, operating under five banners: The Brick, United
Furniture Warehouse, The Brick Superstore, The Brick Mattress Store,
and Urban Brick. In addition, through its corporate sales division, the
Brick Group services the subdivision, condominium, and high-rise
builder market. The Brick Group's retail operations are located in
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec,
Prince Edward Island, Nova Scotia, New Brunswick and Yukon.
This news release contains "forward-looking statements" within the
meaning of applicable Canadian securities laws, including (but not
limited to) statements about the Brick's consolidated sales and
operating revenue, consolidated EBITDA, consolidated net loss, sales
and operating revenue in the financial services and retail segments,
same store sales growth and goodwill and indefinite life intangible
asset impairment charges, the financial flexibility and capital
resources necessary to manage the business in the current economic
environment, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations, that
reflect management's current expectations and are based on information
currently available to management of the Brick and its subsidiaries.
The words "may", "will", "should", "believe", "expect", "plan",
"anticipate", "intend", "estimate", "predict", "potential", "continue"
or the negative of these terms, or other expressions which are
predictions of or indicate future events and trends and which do not
relate to historical matters, identify forward-looking matters.
Reliance should not be placed on forward-looking statements because
they involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of the
Brick to differ materially from anticipated future results, performance
or achievement expressed or implied by such forward-looking statements.
The Brick undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, other than as required by applicable law.
SOURCE The Brick Ltd.
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