Churchill announces executive appointments

TSX: CUQ

CALGARY, Nov. 4 /CNW/ - The Churchill Corporation ("Churchill") is pleased to announce three new executive appointments designed to enhance the Corporate Centre organizational capabilities in the areas of strategic planning and business development and to focus more resources on shareholder value creation.

Churchill is pleased to announce the appointment of Mr. Greg Phaneuf, to the newly created position of Vice President, Corporate Development. Working closely with the Board of Directors and the CEO, Mr. Phaneuf's responsibilities will include setting and leading the Corporation's strategies for growth; evaluating business development and acquisition opportunities; executing on all transactions initiated by the company and maximizing shareholder value through the best use of the Corporation's resources and assets. Mr. Phaneuf will report to Mr. Jim Houck, Churchill's President & CEO.

Mr. Phaneuf is a member of the Institute of Chartered Accountants of Alberta and a Chartered Financial Analyst charterholder with 19 years of increasing responsibility within a number of organizations. His most recent position was as VP Finance and Chief Financial Officer of a $300 million energy resource and development company. In this capacity, Mr. Phaneuf oversaw corporate and property acquisitions exceeding $200 million. Prior thereto, he was the Treasurer for Western Oil Sands Inc., a $6 billion corporation. In addition to his treasury responsibilities at Western, Mr. Phaneuf played a key role in the negotiation and structuring of the Western sale process to Marathon Oil and was the project lead on several other undisclosed business development activities.

"We are very pleased to have Greg join the executive management team at Churchill", said Mr. Houck, "Churchill is embarking on a strategic evolution and Greg's strategic and financial expertise will allow us to achieve our long-term goal of enhancing shareholder value."

Secondly, Churchill has created the Office of the CEO within the Corporate Centre. Mr. Houck stated "The Office of the CEO includes a new position of Executive Vice President and Chief Financial Officer ("CFO"), the President of Stuart Olson - Mr. Don Pearson, and me. Mr. Daryl Sands, Churchill's Senior Vice President and CFO, for the past 3 years, will be assuming the position of Executive Vice President and CFO in the organization. His background and experience will allow him to support the financial and operational functions throughout Churchill. This three person team has been formed to fully deploy our human and capital resources across the organization on the highest value creating opportunities."

Thirdly, Churchill is pleased to announce the appointment of Ms. Joette Decore in the newly created position of Vice President, Strategic Planning and Human Resources. Working closing with the CEO, Ms. Decore is responsible for leading the planning and the execution of the Corporation's strategic plan. Ms. Decore is also accountable for setting the Corporation's Human Resources strategies, policies and associated programs.

Mr. Houck further stated "These changes are an important step in Churchill's development. Churchill has built a strong foundation of solid backlog, positive cash flow generation, a debt-free balance sheet and significant organic growth opportunities. Churchill is embarking on a disciplined growth strategy and Greg's, Daryl's and Joette's leadership will play key roles in the implementation of these growth initiatives."

About The Churchill Corporation:

The Churchill Corporation provides building construction, industrial insulation and electrical contracting services throughout Western Canada. Churchill common shares are listed on the Toronto Stock Exchange under the symbol "CUQ".

FORWARD LOOKING STATEMENTS

Certain statements in this Press Release may constitute "forward-looking statements". Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of the Corporation. Many of these statements can be identified by looking for words such as "believes," "expects," "may," "will," "intends," "anticipates," "estimates," "continues," or the negative thereof, or other variations thereon. Although management of Churchill believes its expectations regarding future performance of the Corporation are based on reasonable assumptions and currently available competitive, financial and economic data, market conditions and operating plans, it can give no assurance its expectations will be achieved. The Corporation cautions that, by their nature, forward-looking statements, involve risks, and uncertainties and that its actual actions, and/or results could differ materially from those expressed or implied in such forward-looking statements, and that the aforementioned risks, uncertainties and actions could affect the extent to which a particular projection materializes. The Corporation assumes no obligation to update the forward-looking statements should circumstances or the Corporation's management's estimates or opinions change.

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SOURCE Stuart Olson Inc.

For further information: For further information: Andrew Apedoe, Vice President Investor Relations & Secretary, The Churchill Corporation, (403) 685-7775, Email: inquiries@churchill-cuq.com, Website: www.churchillcorporation.com


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