HALIFAX, Aug. 19, 2015 /CNW/ - Rick Flynn, Chief Financial Officer, Chorus Aviation Inc. ('Chorus') (TSX: CHR.B CHR.A) today announced new leadership appointments to strengthen the organization's focus on growth and diversification.
Effective October 1, 2015, when Rick Flynn assumes his new role as Executive Vice President and Chief Corporate Development Officer (see August 12, 2015 news release), the Corporate Development division of Chorus will be charged with developing and executing on strategic plans through: growth initiatives that diversify the current group of Chorus subsidiaries; acquisitions in strategic areas that leverage Chorus' expertise; and establishing and managing relationships with strategic partners in identified growth areas. Chorus' aircraft leasing division will be a primary focus at the outset. Chorus currently leases 21 aircraft under its commercial agreement with Air Canada and this is projected to reach a minimum of 53 aircraft by 2020 with potential to grow. Such a platform offers the opportunity to position and leverage Chorus' aircraft leasing division into a significant player in the regional aircraft sector.
- Bruce Peddle – appointed Vice President, Aircraft Leasing and Trading
Based in Dallas, Texas, in this new role Bruce will be Chorus' representative in the marketplace building opportunities under our regional aircraft leasing platform. In this role Bruce will provide aircraft leasing, sale and other value-added services to regional airline operators. Bruce's deep knowledge of the global regional aircraft market positions him well to create value for future regional airline clients. The position will also be a conduit to create relationships and opportunities for other Chorus subsidiaries to participate in such value-added services to regional airline operators. This appointment is effective immediately, and will continue to report to Rick Flynn as the organization transitions to its new organizational structure.
- Scott Tapson – appointed Vice President, Corporate and Commercial Development
Scott will continue to maintain several of the responsibilities currently held as Vice President, Business Development, including coordinating aircraft programs for Chorus' airline subsidiaries such as Jazz Aviation. In this new role he will focus more on growth and diversification initiatives that leverage Chorus' areas of strength and expertise; identify and coordinate the achievement of synergies among current and new subsidiaries; and provide support and coordination for subsidiaries on new strategic commercial opportunities. This appointment is effective October 1, 2015, and Scott will continue to report to Rick Flynn.
"I am pleased to assemble such an experienced and strong leadership team with Bruce and Scott in pursuit of executing upon Chorus' growth and diversification strategies," stated Mr. Flynn. "Our team's industry knowledge and relationships are strengths that will help drive success in our endeavours to build additional shareholder returns. I am delighted to be part of the experience."
Bruce Peddle has over 30 years of experience in the global aerospace and airline industries. Most recently he has been an independent consultant with specialization in aircraft transactions including: commercialization, strategy development, asset life cycle management, MRO and operational support. Prior to consulting, he held various senior management positions including: Vice President, Bombardier Aerospace; Vice President, Marketing and Sales, Bombardier Flexjet; Vice President, Commercial Embraer North America; and Managing Director of Embraer Asia Pacific.
Scott Tapson has been the Vice President, Business Development at Jazz and Chorus since 2007. Prior to this he served as Vice President, Customer Experience. With a career in aviation spanning over 30 years, Scott has held a number of senior leadership roles at Air Ontario, Air BC, and Jazz. During this time his assignments have included a wide range of responsibilities in those commercial and operations areas including network planning, marketing and sales, strategic planning, customer service, airports and operations.
Forward Looking Statements
Certain statements in this news release may contain statements which are forward-looking. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions.
Forward-looking statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking statements, by their nature, are based on assumptions, including those described below, and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, risks relating to Chorus' relationship with Air Canada, the airline industry and in particular the international operation of airlines in developing countries and areas of unrest, airline leasing, energy prices, general industry, market, credit, and economic conditions, (including a severe and prolonged economic downturn which could result in reduced payments under the amended CPA), competition, insurance issues and costs, supply issues, war, terrorist attacks, aircraft incidents, epidemic diseases, environmental factors, acts of God, changes in demand due to the seasonal nature of the business, the ability of Chorus to reduce operating costs and employee counts, the ability of Chorus to secure financing, the ability of Chorus to renew and or replace existing contracts, employee relations, labour negotiations or disputes, pension issues, currency exchange and interest rates, leverage and restructure covenants in future indebtedness, uncertainty of dividend payments, managing growth, changes in laws, adverse regulatory developments or proceedings in countries in which Chorus and its subsidiaries operate or will operate, pending and future litigation and actions by third parties. For a discussion of certain risks, please refer to Section 21 – Risk Factors in the second quarter 2015 MD&A. The forward-looking statements contained in this discussion represent Chorus' expectations as of August 19, 2015, and are subject to change after such date. However, Chorus disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Chorus is traded on the Toronto Stock Exchange under the trading symbols of CHR.A and CHR.B.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010 and is a dividend-paying holding company with various interests including Jazz Aviation Holdings Inc. and Chorus Aviation Holdings II Inc.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Teri Udle, Halifax, Nova Scotia, (902) 873-5047, [email protected]; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, [email protected]