CALGARY, Dec. 17, 2014 /CNW/ - Rocky Mountain Dealerships Inc. (hereinafter "Rocky") today provided an update on its search for a new Chief Executive Officer. On August 5, 2014, it was announced that Mr. Matt Campbell had declared his intention to retire as CEO of Rocky effective December 31, 2014. It was also announced that Mr. Derek Stimson had announced his intention to retire as President of Rocky as at that date. Since that announcement, Rocky's Compensation, Governance and Nominating Committee (the "Committee") has retained a leading international executive search firm to assist in finding and assessing prospective internal and external CEO candidates.
Paul Walters, Chair of the Committee and Lead Independent Director, commenting on the ongoing search, stated, "We are pleased with the progress of our search to date. The Committee understands the very significant nature of the decision here. Accordingly, we have taken a thoughtful and thorough approach to CEO succession, which our shareholders, customers, partners and employees deserve. The executive search firm we retained has provided us with a number of quality external candidates interested in this important leadership role. We now have a final group of individuals, composed of internal and external candidates, on whom we are now conducting extensive research and diligence."
Rocky also today provided an update on the timeline for the previously-announced management succession. Mr. Walters remarked, "This final selection process will require significant deliberation by Rocky's entire Board of Directors. As stated earlier, we continue to make good progress in this regard, and we expect that a decision will be made in the first quarter of 2015. In the meantime, both Mr. Campbell and Mr. Stimson have agreed to remain on in their current roles until a new CEO has been named."
Mr. Walters concluded his remarks by saying, "On behalf of the entire Board of Directors, I would like to express our thanks to all of Rocky's employees and its senior management, who continue to remain focused on the continuous improvement of our business during this important transition period."
Caution regarding forward-looking statements
Certain information set forth in this news release, including, without limitation, statements about the continuous improvement of the business or statements related to the appointment of a new CEO, may be considered forward looking information by applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Rocky's control. While this forward-looking information is based on information and assumptions that Rocky's management believes to be reasonable, there is significant risk that the forward-looking statements will prove not to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by risks and other factors discussed by Rocky in its management's discussion and analysis ("MD&A") for the year ended December 31, 2013, and as discussed in Rocky's Annual Information Form dated March 11, 2014 under the heading "Risk Factors." Except as required by law, Rocky disclaims any intention or obligation to update or revise forward-looking statements, and further reserves the right to change, at any time, at its sole discretion, its current practice of updating its guidance and outlooks.
Rocky is one of Canada's largest agriculture and construction equipment dealership networks with branches located throughout Alberta, Saskatchewan, and Manitoba. Through its network of Rocky Mountain Equipment locations, Rocky sells, rents, and leases new and used agriculture and construction equipment and offers product support and finance to its customers.
Investors and analysts interested in contacting Mr. Paul Walters regarding the CEO search may do so by contacting:
Jay Palmer, General Counsel & Corporate Secretary
#301, 3345 – 8th Street S.E.
Calgary, Alberta T2G 3A4
Telephone: (403) 265-7364
Fax: (403) 214-5644
SOURCE: Rocky Mountain Dealerships Inc.
For further information: Rocky Mountain Dealerships Inc., Matt Campbell, Chief Executive Officer; #301, 3345 - 8th Street S.E., Calgary, Alberta T2G 3A4, Telephone: (403) 265-7364, Fax: (403) 214-5644