WINNIPEG, Nov. 17, 2014 /CNW/ - (TSX: MBT) Manitoba Telecom Services Inc. ("MTS Allstream" or the "Company") announced today that its Board of Directors has appointed Jay Forbes as Chief Executive Officer and member of the Board of Directors effective January 1, 2015. To support an orderly transition, Pierre Blouin will remain the existing CEO and as a Director until his retirement December 31, 2014. Today's announcement comes following a comprehensive international CEO search process undertaken by the Board with the assistance of two leading executive recruiters, in which both internal and external candidates were considered.
Jay Forbes brings a unique set of telecom and technology industry experience to MTS Allstream. Most recently, as President & Chief Executive Officer of Teranet, a world-leading developer, operator and owner of electronic land registration systems, Jay led the design and successful execution of an international B2G growth strategy. Previously, as President of Ingram Micro (Europe, Middle East and Africa), Jay led the restructuring of an $11 billion, 15 country electronics distribution business to improve profitability at the onset of the economic recession. Jay also brings extensive Canadian telecommunications expertise gained while President & Chief Executive Officer of Aliant, where he repositioned a holding company with more than 10,000 employees into the second-largest regional local exchange carrier in North America, delivering $2 billion in value to the shareholders.
"MTS Allstream operates in a dynamic and rapidly changing environment. We operate in an important part of the Canadian economy with great opportunities ahead of us, and there is no better person to lead the Company," said David Leith, Chair of the Board of Directors. "Forbes is an inspirational leader with strong strategic insights, a history of excellence and the proven ability to create value for the businesses he has operated."
"MTS Allstream has a wealth of strategic assets, a strong and capable workforce and great brands. I couldn't be more excited to have been chosen to lead the Company," Forbes said. "Further, the opportunities to drive profitable growth at MTS Allstream are considerable. To better understand the best pathways for achieving this, my first few months in the role will be largely focused on gaining a deeper understanding of customer needs, organizational capabilities and investor expectations. Thereafter, we will share a refreshed view of our strategy to create meaningful value."
"Under Jay's leadership, I believe the Company will continue to be successful, see improved performance and find more opportunities for growth," said Pierre Blouin. "Between now and my retirement, I will be working with Jay, the senior management team and the Board to ensure the transition is seamless and Jay has been set up to succeed."
With the addition of Jay Forbes and retirement of Pierre Blouin, on January 1, 2015, MTS Allstream's Board of Directors will also consist of David Leith (Chair), N. Ashleigh Everett, the Honourable Gary A. Filmon, Barbara Fraser, Judith Hand, Gregory Hanson, Kishore Kapoor, H. Sanford Riley, D. Samuel Schellenberg, and Carol Stephenson. Ten of the 11 board members are independent of MTS Allstream.
Forbes will be based in Winnipeg, Manitoba at MTS Allstream headquarters and will be moving to the Winnipeg area.
Through the CEO search process, the independent Directors were advised by independent compensation advisors and independent legal counsel in order to ensure that the new CEO employment arrangements reflected current best practices in areas of governance and compensation.
About Manitoba Telecom Services Inc. (MTS Allstream)
MTS Allstream is one of Canada's leading national communication solutions companies, providing innovative communications for the way Canadians live and work today. The company has more than 100 years of experience, with approximately 5,000 employees across Canada. MTS Allstream's business is dynamic and consists of two operating divisions. In Manitoba, MTS is the leading full-service telecommunications provider for residential and business customers. MTS's suite of services includes the latest in wireless technology, broadband services, IPTV, voice services, home security, and an extensive range of business solutions. Across Canada, Allstream is a leader in IP communications and is the only national provider that focuses exclusively on the business telecommunications market. MTS Allstream has nearly two million customer connections spanning business customers across Canada and residential consumers throughout the province of Manitoba. The Company's extensive national fibre optic network spans more than 30,000 kilometres. MTS Allstream has spent 13 consecutive years on the Jantzi Social Index for leadership in social responsibility and is the recipient of the 2014 Best Overall Governance Award by the Canadian Society of Corporate Secretaries, recognizing a high level of effectiveness across the three pillars of governance, risk and compliance, and the 2011 Governance Gavel Award from the Canadian Coalition for Good Governance, recognizing clear and effective public disclosure and leading governance practices.
MTS Allstream's common shares are listed on the TSX (trading symbol: MBT). Customers, stakeholders and investors who want to learn more about MTS Allstream are encouraged to visit: www.mtsallstream.com.
Forward-looking Statements Disclaimer
This news release includes forward-looking statements and information (collectively, the "statements") about the Company's leadership, and the Company's corporate direction, business opportunities, operations, financial objectives and future financial results and performance that are subject to risks, uncertainties and assumptions. As a consequence, actual results in the future may differ materially from any conclusion, forecast or projection in such forward-looking statements. Therefore, forward-looking statements should be considered carefully and undue reliance should not be placed on them. Examples of statements that constitute forward-looking information may be identified by words such as "believe", "expect", "project", "should", "anticipate", "could", "target", "forecast", "intend", "plan", "outlook", "see", "set", "pending", and other similar terms.
Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters identified in the "Material assumptions" section and the "Risks and uncertainties" section of the Company's 2013 Annual MD&A and 2013 Annual Information Form, both of which are available on SEDAR at www.sedar.com.
Please note that forward-looking statements reflect Management's expectations as at the date hereof. The Company 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 by law.
SOURCE: Manitoba Telecom Services Inc.
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