VANCOUVER, May 26, 2014 /CNW/ - WesternOne Inc. ("WesternOne") (Toronto Stock Exchange: WEQ, WEQ.DB and WEQ.DB.C) today announced that its Board of Directors has appointed Peter Blake as Chief Executive Officer, effective September 1, 2014. Mr. Blake will succeed Robert King, who has acted as interim CEO since September 8, 2013. Mr. King will continue in his role as Chairman of the Board.
Mr. Blake is currently Chief Executive Officer of Ritchie Bros. Auctioneers Inc. ("Ritchie Bros."), a public company listed on the Toronto Stock Exchange and New York Stock Exchange. As announced on October 8, 2013, Mr. Blake is stepping down from Ritchie Bros.
"Peter brings extensive knowledge and experience of leading a highly successful organization that has grown to a global scale and created exceptional shareholder value. Under Peter's leadership Ritchie Bros. has grown in 10 years from a $250 million market cap business to a $2.5 billion market cap business," says Mr. King. "Peter's credentials from the construction and infrastructure background are ideally suited to the WesternOne business. Our Board is confident that he is the right CEO to lead this next exciting stage of growth for WesternOne."
"WesternOne has achieved a solid track record of growth and I'm excited about the appointment," says Mr. Blake. "I look forward to working with the leadership team when I join in September and driving future growth together."
Mr. Blake joined Ritchie Bros. as a controller in 1991 and has assumed a number of senior positions within the company. Since 2004, he has served as Chief Executive Officer of Ritchie Bros. Mr. Blake is a Fellow of the Institute of Chartered Accountants of British Columbia, and has a Diploma of Technology from British Columbia Institute of Technology and a Bachelor of Commerce degree from the University of Alberta.
Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to: the effective date of the appointment of Peter Blake as Chief Executive Officer and WesternOne's future growth plans. Actual events or results may differ materially.
Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne, including, without limitation: the outlook of WesternOne's business and the economy in Western Canada, the US and Australia, the supply and demand for WesternOne's products and services and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne's management believes to be reasonable assumptions, WesternOne cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in WesternOne's Annual Information Form dated March 28, 2014 and Management's Discussion and Analysis dated May 14, 2014, which are available on SEDAR (www.sedar.com).
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne. The forward-looking information is made as of the date of this press release and WesternOne assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate stable and growing dividends to its shareholders and to achieve capital appreciation.
Toronto Stock Exchange: WEQ, WEQ.DB and WEQ.DB.C
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Backgrounder: Mr. Peter Blake
Peter James Blake was raised in Richmond, B.C. and earned his Diploma of Technology at British Columbia Institute of Technology (BCIT) and Bachelor of Commerce degree at the University of Alberta. He received his Chartered Accountant designation while at KPMG Vancouver. Peter joined Ritchie Bros. Auctioneers Inc. ("Ritchie Bros.") in 1991, and has been the Chief Executive Officer of Ritchie Bros. since 2004.
Peter has been involved in several community organizations, including West Point Grey Academy, BCIT and BC Women's Hospital foundation boards. He has served as a Director of Accruit, LLC as well as the Board of Directors of Ritchie Bros. He has also served as the co-chair of the Cabinet for the Business Laureates of BC for Junior Achievement.
Peter supports local post-secondary students through yearly tuition sponsorships via the Marion Stevenson Endowment Fund, which he and his wife created to support student nurses at BCIT, and through the Cmolik Foundation. He has also supported the BC Children's Hospital, and is an ongoing supporter of Hannah's Heroes Foundation, Kidsport BC, and PALS Autism School Society.
Peter has received recognition through the years, including the 2012 Distinguished Alumni Award from BCIT and in 2013 he was honoured with a fellowship by the Institute of Chartered Accountants of British Columbia (ICABC). The fellowship (FCA) designation is awarded to chartered accountants for contributions to the community and service to the profession.
He and his wife, Leslie, have two daughters and reside in the Lower Mainland.
Image with caption: "WesternOne Inc. Appoints Peter Blake as Chief Executive Officer, Effective September 1, 2014 (CNW Group/WesternOne Inc.)". Image available at: http://photos.newswire.ca/images/download/20140526_C9858_PHOTO_EN_40751.jpg
SOURCE: WesternOne Inc.
For further information:
Andrew Greig, Manager of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 678-4042