EDMONTON, Aug. 9, 2018 /PRNewswire/ - AutoCanada Inc.
("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North
American automobile dealership group, today announced several
changes to the composition of its executive management team and its
Board of Directors. As previously announced, the Special Committee
of the Board of Directors of the Company, appointed in June 2018, has been conducting a strategic review
to explore a range of alternatives to enhance shareholder value,
including changes to the composition of the executive management
team and the Board.
- Michael Rawluk, the President of
the Company, has been appointed to the Board of Directors of the
Company. Since being appointed as President on July 3, 2018, Mr. Rawluk has undertaken a
comprehensive review of store operations and dealer services and
has developed a go-forward plan under the supervision of the
Special Committee with the goal of enabling the Company to achieve
operating margins comparable to the best of the public auto dealers
in the United States. Mr. Rawluk
was previously the Chief Operating Officer of the Birchwood
Automotive Group's 22 dealerships in Winnipeg, where he began his automotive career
more than 15 years ago.
- William "Bill" Berman has been
appointed as the President, United
States. Mr. Berman was previously the President and Chief
Operating Officer of AutoNation, North
America's largest automotive retailer, where he had over 20
years of experience establishing a solid track record of leadership
and operational excellence.
- Stephen Green and Elias Olmeta have been appointed to the Board of
Directors. Mr. Green previously served as Executive Vice President,
Legal and Corporate Secretary of IHS (now IHS Markit), a global
information provider. Mr. Olmeta is the Executive Vice President
and Chief Financial Officer of Mitchell International, a provider
of software to the automotive industry. As previously announced,
Gordon Barefoot has retired from the
Board following the quarterly meeting of the Board.
- Steven Landry has stepped down
as Chief Executive Officer effective today and has been appointed
as an advisor to AutoCanada, focused on OEM relationships and
dealership acquisitions. Christopher
Burrows has resigned from his position as Chief Financial
Officer effective August 10, 2018 and
will remain as an advisor for three months to effect an orderly
transition. The Company has commenced a search for a new Chief
Financial Officer.
- Paul Antony, the Chairman of the
Board, will assume the role of Executive Chairman. Mr. Antony has
stepped down as a member of the Governance and Compensation
Committee, Mr. Olmeta has joined the Audit Committee, Mr. Green has
joined the Governance and Compensation Committee and Maryann Keller has been appointed as the Lead
Independent Director.
"I would like to thank Steven and Chris for their dedicated
service to AutoCanada. They have been instrumental in helping
AutoCanada evolve from a founder-owned and operated company largely
concentrated in Western Canada,
into a national auto retailer," said Paul
Antony, Executive Chairman. "I would also like to welcome
Michael, Stephen and Elias to the Board and Bill as President,
United States. I am very pleased
that we were able to add such highly accomplished and experienced
individuals to the AutoCanada team. Their experience will be
invaluable as AutoCanada enters the next phase of its
evolution."
"I am confident that we have the right team in place to enhance
value for shareholders, by delivering long-term profitable growth
centered on operational excellence, while selectively acquiring
high quality dealerships that fit our criteria," said Michael Rawluk, President. "Since joining the
Company last month, I have been highly impressed by the AutoCanada
team. The additions announced today will solidify our team that
will lead the next phase for the Company."
Biographies of the new directors and members of management
are below:
Mr. Rawluk joined AutoCanada Inc. in the role of President in
June 2018. Previously he was Chief
Operating Officer at Birchwood Automotive Group, Winnipeg's largest network of automotive
retailers with 22 franchised operations. In that capacity, he was
responsible for day-to-day operations and long-term growth of the
business. During his 15 years at Birchwood he held several other
operational roles and managed some of the Group's dealerships. He
also holds an MBA from the University of
Manitoba.
William "Bill" Berman most
recently served as President and Chief Operating Officer of
AutoNation, the largest automotive retailer in North America. Mr. Berman was responsible for
AutoNation's 26,000 associates and the operational performance of
the Company's 300+ new vehicle franchises, including new and used
vehicle sales, four automotive auctions and customer care which
encompassed service, parts, and 80 collision centers. In 2016,
AutoNation generated 21.6 billion in revenue and over 1 billion in
EBITDA. Through a successful 30-year tenure in automotive retail,
Mr. Berman has held almost every position within a dealership. His
comprehensive knowledge of the industry, commitment to personal
development, and industry leading performance has allowed him to
climb the dealership and corporate organizational ladders enabling
him to hold multiple key positions. Mr. Berman is an industry
leader and has spoken at numerous industry events such as J.D.
POWER and NADA among others. Mr. Berman holds an MBA from the
University of Miami.
Prior to his retirement in 2017, Stephen
Green was Executive Vice President, Legal and Corporate
Secretary at IHS (now IHS Markit), a leading global,
publicly-traded, Information Services company. In that role, Steve
led a team of professionals worldwide delivering support to the
company through the legal, compliance, risk management and
insurance functions. Steve led the successful IPO of IHS in 2005
and multiple successful follow-on secondary offerings and public
and private debt offerings. Steve was instrumental in implementing
the company's M&A strategy, completing over 70 transactions,
including the roll up of companies to establish a market leading
position in information and analytics in the energy and
transportation industries, including automotive, and culminating in
a transformational merger of equals between IHS and Markit. Prior
to IHS going public, Steve was general counsel to both IHS and the
industrial companies that made up the remainder of the portfolio of
TBG, a family-owned conglomerate that, in addition to IHS, included
companies with leading positions in various manufacturing
industries. Steve holds a BA from Yale
University and received his JD from Columbia Law School
Elias Olmeta is Executive Vice
President and Chief Financial Officer at Mitchell International,
Inc. As CFO, he is responsible for all matters related to Finance,
Accounting, Tax and Treasury. In his capacity as CFO, he works
closely with the executive leadership team to ensure alignment and
achievement of the Company's financial, operational and strategic
objectives. In 2017, the San Diego Business Journal honored Elias
by awarding him their CFO of the Year award which recognizes
outstanding financial professionals in the San Diego area. Prior to joining the
Mitchell team, Elias served as an
executive consultant at CarProof, where he worked on strategy and
operational initiatives. Prior to CarProof, Elias held positions at
Solera Holdings; first as their Senior Vice President of Corporate
Development where he was responsible for Mergers and Acquisitions
on a worldwide basis, and subsequently as Chief Financial &
Operating Officer of North America
leading Finance, Sales, and HR. Earlier career experiences include
positions at J.P. Morgan Chase & Co. and Arthur D. Little
International as a member of their Strategy and Organization
Practice. Elias holds an MBA in Finance and a Bachelor of Arts,
Economics from the University of
Rochester.
About AutoCanada
AutoCanada, a leading North American multi-location automobile
dealership group currently operating 68 franchised dealerships,
comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees.
AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa
Romeo, Chevrolet, GMC, Buick,
Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi,
Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo,
Toyota, Lincoln and Honda branded
vehicles. In 2017, our dealerships sold approximately 63,000
vehicles and processed approximately 870,000 service and collision
repair orders in our 999 service bays generating revenue in excess
of $3 billion.
Additional information about AutoCanada Inc. is available
at www.sedar.com and the Company's website
at www.autocan.ca.
Forward Looking Statements
Certain statements contained in management's discussion and
analysis are forward‑looking statements and information
(collectively "forward‑looking statements"), within the meaning of
the applicable Canadian securities legislation. We hereby provide
cautionary statements identifying important factors that could
cause our actual results to differ materially from those projected
in these forward‑looking statements. Any statements that express,
or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but
not always, through the use of words or phrases such as "will
likely result", "are expected to", "will continue", "is
anticipated", "projection", "vision", "goals", "objective",
"target", "schedules", "outlook", "anticipate", "expect",
"estimate", "could", "should", "plan", "seek", "may", "intend",
"likely", "will", "believe", "shall" and similar expressions) are
not historical facts and are forward‑looking and may involve
estimates and assumptions and are subject to risks, uncertainties
and other factors some of which are beyond our control and
difficult to predict. Accordingly, these factors could cause actual
results or outcomes to differ materially from those expressed in
the forward‑looking statements. Therefore, any such forward‑looking
statements are qualified in their entirety by reference to the
factors discussed throughout this document.
The Company's Annual Information Form and other documents filed
with securities regulatory authorities (accessible through the
SEDAR website www.sedar.com describe the risks, material
assumptions and other factors that could influence actual results
and which are incorporated herein by reference.
Further, any forward‑looking statement speaks only as of the
date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any
forward‑looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for management to predict all of such
factors and to assess in advance the impact of each such factor on
our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward‑looking statement.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedar.com.
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SOURCE AutoCanada Inc.