Finning Announces Chief Financial Officer Appointment
By Marketwired News
By Marketwired News
VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 10, 2015) – Finning International (TSX:FTT) today announced the appointment of Steven Nielsen as the company’s executive vice president and chief financial officer.
Mr. Nielsen brings to Finning extensive executive leadership experience in finance and operations roles across diverse industries. As chief financial officer for Univar, a global distributor of chemicals with over $10 billion in revenue, Mr. Nielsen played an instrumental role in leading the organization to higher growth and spearheading the company’s efforts to improve working capital performance. Prior to Univar, Mr. Nielsen gained significant executive experience in various senior roles at Sprint Nextel Corporation, a U.S. telecommunications company with over $35 billion in revenue. During his career at Sprint, Mr. Nielsen’s roles included CFO of Sprint’s wireless division, chief service officer, and executive vice president and CFO of corporate initiatives.
“Steve is an accomplished executive with significant leadership and business experience, including proven ability as a successful CFO, and will be a tremendous addition to our management team,” said Scott Thomson, president and chief executive officer, Finning International. “Following a thorough and extensive search, it became clear that Steve possesses the right blend of financial and operational expertise required to make a significant contribution to the success of our company. I’m confident that Steve has the broad, global business and leadership experience required to help lead Finning forward while building on our company-wide focus on profitability and capital discipline, as well as our strong financial position.”
“I would like to thank Anna Marks for taking on additional responsibilities while we conducted the search,” continued Mr. Thomson.
Since June 30, 2014, Anna Marks has stepped in to assume additional responsibilities in addition to her role as senior vice president, corporate controller.
“I am excited by the opportunity to join Finning and lead the finance organization to build on the progress underway on the operational excellence agenda,” said Mr. Nielsen.
As Finning’s executive vice president and chief financial officer, Mr. Nielsen will be a member of the company’s executive leadership team and have responsibility for the financial management of the company. Mr. Nielsen is a Chartered Global Management Accountant (CGMA) and member of the American Institute of Certified Public Accountants (AICPA) and holds a Bachelor of Arts degree.
Finning International Inc. (TSX:FTT) is the world’s largest Caterpillar equipment dealer delivering unrivalled service to customers for 80 years. Finning sells, rents and services equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland.
A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include words such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will. All such forward-looking statements are made pursuant to the ‘safe harbour’ provisions of applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in this report reflect Finning’s expectations at March 10, 2015. Except as may be required by Canadian securities laws, Finning does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking statements and that Finning’s business outlook, objectives, plans, strategic priorities and other statements that are not historical facts may not be achieved. As a result, Finning cannot guarantee that any forward-looking statement will materialize. Factors that could cause actual results or events to differ materially from those expressed in or implied by these forward-looking statements include: general economic and market conditions; foreign exchange rates; commodity prices; the level of customer confidence and spending, and the demand for, and prices of, Finning’s products and services; Finning’s dependence on the continued market acceptance of Caterpillar’s products and Caterpillar’s timely supply of parts and equipment; Finning’s ability to continue to improve productivity and operational efficiencies while continuing to maintain customer service; Finning’s ability to manage cost pressures as growth in revenues occur; Finning’s ability to reduce costs in response to slowing activity levels; Finning’s ability to attract sufficient skilled labour resources to meet growing product support demand; Finning’s ability to negotiate and renew collective bargaining agreements with satisfactory terms for Finning’s employees and the Company; the intensity of competitive activity; Finning’s ability to raise the capital needed to implement its business plan; regulatory initiatives or proceedings, litigation and changes in laws or regulations; stock market volatility; changes in political and economic environments for operations; the integrity, reliability, availability and benefits from information technology and the data processed by that technology. Forward-looking statements are provided in this report for the purpose of giving information about management’s current expectations and plans and allowing investors and others to get a better understanding of Finning’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.
Forward-looking statements made in this report are based on a number of assumptions that Finning believed were reasonable on the day the Company made the forward-looking statements. Some of the assumptions, risks, and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this report are discussed in Section 4 of the Company’s current AIF.
Finning cautions readers that the risks described in the AIF are not the only ones that could impact the Company. Additional risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial may also have a material adverse effect on Finning’s business, financial condition, or results of operations.
Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Finning therefore cannot describe the expected impact in a meaningful way or in the same way Finning presents known risks affecting its business.
Finning International Inc.
Finning International Inc.