EDMONTON, March 17, 2016 /CNW/ - AutoCanada Inc. (the "Company" or "AutoCanada") (TSX: ACQ) announces today senior management changes as part of its senior management succession plan.
Effective April 1, 2016, Steven Landry shall be appointed Chief Executive Officer, and Tom Orysiuk shall continue as President. In addition, effective May 6, 2016, Pat Priestner shall assume the role of non-executive Chair of the Board of Directors, which he shall hold with a target retirement date at the Annual General Meeting in May 2017.
Steven Landry stated, "I very much look forward to joining AutoCanada, a company that I have much admired, and I look forward to putting my experience to work building upon the great success of Pat and his team with a continued focus on long term shareholder value. I am very excited to lead AutoCanada into its second decade."
Steven Landry was most recently the Chief Development Officer for ATCO Ltd & Canadian Utilities Limited in Calgary, and prior to that the Managing Director & Chief Operating Officer for ATCO Australia. Prior to that, Steven Landry spent 27 years at the Chrysler Group where he held various global and executive positions including: Chief Executive Officer and President of DaimlerChrysler Canada, President of Chrysler Europe and Executive Vice President of North America at Chrysler LLC. Steven holds an MBA from Michigan State University and a Bachelor's Degree in Business from Saint Mary's University in Halifax, Nova Scotia.
Steve Rose, Chief Operating Officer, shall retire from his position effective October 1, 2016. Christopher Burrows, Chief Financial Officer and Erin Oor, Vice-President, Corporate Development & Administration, continue in their current positions.
"AutoCanada is a tremendous company with a strong future. A key to the continued success of any organization is the succession of its senior leadership. Steven Landry, a proven and successful leader, with broad Canadian dealership knowledge, automotive manufacturer relationship and U.S. automotive retail experience, perfectly complements the existing executive team. Steven brings considerable executive skill to the existing management team and provides for the transition of my role while ensuring that Company continues with its focus on driving long term shareholder value. Tom Orysiuk shall continue in his role of providing exceptional operational leadership combined with a deep understanding of the automotive retail industry and AutoCanada culture. This is a team and a plan that I wholeheartedly support," stated Pat Priestner, Executive Chair.
AutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 54 franchised dealerships, comprised of 62 franchises, in eight provinces and has over 3,400 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, BMW and MINI branded vehicles. In 2015, our dealerships sold approximately 63,000 vehicles and processed approximately 848,000 service and collision repair orders in our 912 service bays.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release may be forward-looking statements and forward-looking information. In particular, forward-looking information and statements in this press release include, but are not limited to, the continued availability of acquisition opportunities in the automotive retail market and the stated cost reduction plan achieving $15 million in annualized savings. These forward-looking statements and information are based on certain key expectations and assumptions made by AutoCanada, including the assumption that the market for automotive dealerships remains active and that the cost savings measures implemented will achieve the savings anticipated by management. Although AutoCanada believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as AutoCanada cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that acquisitions will not be completed as proposed or at all and general economic, market and business conditions. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect AutoCanada's operations, financial results and the completion of the proposed acquisition are included in AutoCanada's annual information form and the other disclosure documents filed by AutoCanada with securities regulatory authorities which may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements and information contained in this press release are made as of the date hereof and AutoCanada does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE AutoCanada Inc.
For further information: Christopher Burrows, Vice-President & Chief Financial Officer, Phone: 780.509.2808, Email: [email protected]