Appointment Follows Previously Announced Retirement of Bob Cronin
TORONTO, Feb. 2, 2012 /CNW/ - The Board of Directors of Davis + Henderson Corporation (TSX: DH) ("D+H" or the "Company") today announced that Gerrard Schmid, the Company`s President and Chief Operating Officer, has assumed the role of CEO and joined the D+H Board. This appointment is consistent with the Company's succession plan and follows the previously announced planned retirement of Bob Cronin. Mr. Cronin will serve as an advisor to the CEO through 2012 to finalize the transition.
Mr. Schmid has more than 15 years of experience in financial services, serving in senior capacities in the domestic and international banking industry. Prior to joining D+H in 2007 as President of one of D+H's operating divisions, he served as head of the deposits and overdraft lending business of Lloyds TSB Bank in the United Kingdom and in Canada as Chief Operating Officer of CIBC's retail bank where he was responsible for telephone banking and internet channels, sales automation technologies, operational risk and several other functions. Mr. Schmid is also actively involved in the community as a Board member of the Sunnybrook Hospital Foundation and as a member of the Toronto Cabinet of the United Way.
ABOUT DAVIS + HENDERSON
Founded in 1875, Davis + Henderson provides innovative programs, technology products, and technology based business services to customers in the financial services industry who offer deposit, lending, insurance and wealth management products to consumers and businesses. Davis + Henderson Corporation is listed on the Toronto Stock Exchange under the symbol DH. Further information can be found in the disclosure documents filed by Davis + Henderson Corporation with the securities regulatory authorities, available at www.sedar.com.
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements concerning D+H's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of D+H are forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions, including the following specific assumptions: the ability of D+H to meet its revenue and EBITDA targets; general industry and economic conditions; changes in D+H's relationship with its customers and suppliers; pricing pressures and other competitive factors; the anticipated effect of the acquisition of Mortgagebot on the financial performance of D+H; and the expected benefits arising as a result of the acquisition of Mortgagebot. D+H has also made certain macroeconomic and general industry assumptions in the preparation of such forward-looking statements. While D+H considers these factors and assumptions to be reasonable based on information currently available, there can be no assurance that actual results will be consistent with these forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Business, or developments in D+H's industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements.
Risks related to forward-looking statements include, among other things, challenges presented by declines in the use of cheques by consumers; D+H's dependence on a limited number of large financial institution customers and dependence on their acceptance of new programs; strategic initiatives being undertaken to meet the D+H's financial objective; stability and growth in the real estate, mortgage and lending markets; as well as general market conditions, including economic and interest rate dynamics. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The documents incorporated by reference herein also identify additional factors that could affect the operating results and performance of D+H. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and D+H does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change except as required by applicable securities laws.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, D+H.
For further information:
Brian Kyle, Chief Financial Officer, (416) 696-7700, extension 5690, or visit our website at www.dhltd.com