Finning Announces UK and Ireland Operations Executive Leadership Transition
By Marketwired News
By Marketwired News
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 17, 2015) – Finning International Inc. (TSX:FTT) today announced that Neil Dickinson, managing director of Finning UK and Ireland, will retire from the company following a distinguished 36 year career. Kevin Parkes, currently director of Finning UK and Ireland’s equipment solution division, has been appointed managing director to succeed him. Mr. Parkes will assume the role on February 1, 2016, and Mr. Dickinson will assist in the leadership transition and remain with the company in an advisory capacity until the end of March 2016. As managing director, Mr. Parkes will join the company’s senior leadership team and report to Finning’s chief executive officer Scott Thomson.
Mr. Dickinson began his career in 1979 as a graduate trainee with Leverton which was acquired by Finning in 1997. He has held a variety of operational and leadership roles across the UK and Canada, including positions in human resources, heavy construction and power systems, and has led the Finning UK and Ireland business since 2010.
“Neil has made significant contributions to the company throughout his long career and has provided outstanding leadership to our UK and Ireland business,” said Mr. Thomson. “Neil’s passion and commitment to Finning are evident in the enviable safety record achieved by our UK and Ireland team as well as his deep relationships with customers and across the Caterpillar organization.”
“I believe this is the right time for me to retire from Finning and for Kevin to assume his place as the leader of the UK and Ireland operations. I am proud of our accomplishments as a team, particularly our adaptability in a competitive environment and our strong safety results. I’m confident that under Kevin’s leadership, the Finning UK and Ireland business will continue to drive business results and exceed customer expectations,” said Mr. Dickinson.
Mr. Parkes brings considerable experience with Finning to his new role, most recently leading the equipment solutions division. He joined Finning as a graduate trainee in 1996 and held a variety of progressively senior roles in the equipment solutions division. From 2010 to 2015, Mr. Parkes was chief executive officer of Hewden, a leading UK equipment rental company, following Finning’s divestiture of that business. Mr. Parkes returned to Finning after his previous 13 years with the company to take on the role of director, equipment solutions.
“As part of our succession planning efforts, we are pleased to announce the appointment of Kevin Parkes as managing director of Finning UK and Ireland. Kevin is a well-respected leader with a unique blend of extensive Finning experience and prior CEO experience at Hewden. His proven leadership ability, along with a strong customer and results focus make him well suited to assume these responsibilities and lead the business forward,” said Mr. Thomson.
Finning International Inc. (TSX: FTT) is the world’s largest Caterpillar equipment dealer delivering unrivalled service to customers since 1933. 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, as well as in the United Kingdom and Ireland.
Forward Looking Information
This report contains statements about the Company’s business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. 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. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy and associated impact on the Company’s financial results; workforce reductions; facility closures; expected revenue; expected free cash flow; EBIT margin; expected range of the effective tax rate; ROIC; market share growth; expected results from service excellence action plans; anticipated asset utilization; inventory turns and parts service levels; the expected target range of the Company’s net debt to invested capital ratio; and the expected financial impact from the acquisition of the operating assets of the Caterpillar dealer in Saskatchewan. 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 December 17, 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 revenue occurs; 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. Refer in particular to the Outlook section of this MD&A. 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.
Vice President, Investor Relations and Corporate Affairs