TRADING SYMBOL: Toronto Stock Exchange – HWD
LANGLEY, BC, March 18, 2015 /CNW/ - Hardwoods Distribution Inc. (the "Company") today announced that Lance Blanco was resuming his duties as the President and Chief Executive Officer of the Company. As announced previously, in July of 2014 Mr. Blanco was involved in a serious bicycling accident and the injuries he sustained required an extended period of convalescence. During Mr. Blanco's absence from the Company the board of directors appointed Rob Brown, the Company's Chief Financial Officer, as acting Chief Executive Officer. Other senior executives of the Company also assumed expanded roles as required.
"I want to thank all of our employees for their efforts and leadership during the period I was unexpectedly away from the Company," commented Mr. Blanco. "During my absence Hardwoods reported strong second and third quarter financial results, continued to take advantage of the improving US housing market, and successfully executed on our core strategies to grow import sales and capitalize on significant opportunities in the commercial market. This is a testament to the depth of our management team and the customer service focus of our people."
Concurrent with Mr. Blanco resuming his duties, the Company announced the appointment of Mr. Brown to the position of Chief Operating Officer ("COO") of the Company. "Rob did an outstanding job leading Hardwoods for the last eight months," said Mr. Blanco. "His appointment to the COO position will provide additional executive capacity to help the Company achieve the next phase of its market expansion strategies, as well as to solidify the more than doubling of company sales that our business has experienced since 2010."
Mr. Brown has over 15 years' experience working in the building materials and distribution business with MacMillan Bloedel, Weyerhaeuser, and the Company. Mr. Brown has been Vice President and Chief Financial Officer of the Company since 2004.
Replacing Mr. Brown as Chief Financial Officer is Mr. Faiz Karmally, currently the Company's Corporate Controller. Mr. Karmally joined the Company in 2014, and was previously a Senior Manager with PWC. He is a CPA, CA with broad based public company and manufacturing/distribution experience, and a background encompassing corporate restructuring, valuation, and business process improvement.
About Hardwoods Distribution Inc.
Hardwoods (TSX: HWD) is one of North America's largest wholesale distributors of hardwood lumber and related sheet good products, operating a network of 33 locations in the U.S. and Canada.
SOURCE Hardwoods Distribution Inc.
For further information: Faiz Karmally, Chief Financial Officer, Phone: (604) 881-1982, Fax: (604) 881-1995, Email: [email protected]