VANCOUVER, BC, Aug. 10,
2023 /PRNewswire/ - Hank Ketcham, Chairman of
West Fraser's Board of Directors, ("West Fraser" or the "Company")
(TSX and NYSE: WFG) announced today that Ray Ferris, our President and Chief Executive
Officer, plans to retire on December 31,
2023.
Ray has been with West Fraser for over 26 years in increasingly
senior positions culminating in his appointment as President and
Chief Operating Officer in 2018 and as President and Chief
Executive Officer and a director of the Company in 2019.
During his tenure as Chief Executive Officer the Company has
grown substantially in sales, profits, product mix and geographic
diversification. In addition, Ray has driven our strong
commitment to continual improvement in our safety, environmental
and people programs.
Today, West Fraser is announcing the appointment of Sean McLaren, our current Chief Operating
Officer, as our new President and Chief Executive Officer effective
January 1, 2024. Sean has been
with West Fraser and predecessor companies for 35 years. He
is a proven leader who is committed to our operating philosophy of
low cost production and a prudent balance sheet which enables the
Company to grow through capital improvements and strategic growth
opportunities. Sean will continue West Fraser's commitment to
our strong safety, environmental and people focused culture.
West Fraser has benefited immeasurably from Ray's strong
leadership and our Board enthusiastically looks forward to our
continued growth and success under Sean
McLaren's leadership.
About West Fraser
West Fraser is a diversified wood
products company with more than 60 facilities in Canada, the United
States, the United Kingdom,
and Europe. From responsibly
sourced and sustainably managed forest resources, the Company
produces lumber, engineered wood products (OSB, LVL, MDF, plywood,
and particleboard), pulp, newsprint, wood chips, other residuals,
and renewable energy. West Fraser's products are used in home
construction, repair and remodelling, industrial applications,
papers, tissue, and box materials. For more information about
West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release contains
certain forward-looking information or forward-looking statements
(collectively, "forward-looking statements") within the meaning of
applicable securities laws, including about potential future
developments, in particular those relating to the announced
retirement of Mr. Ferris, the transition plan and appointment
of Mr. McLaren as President and Chief Executive Officer and
the timing of such events and developments, the ability of the
Company to grow through capital improvements and strategic growth
opportunities and to maintain low cost production and a prudent
balance sheet to support such growth plans. Any such
forward-looking statements are based on information currently
available to us and are based on assumptions and analyses made by
us considering our experience and our perception of historical
trends and current conditions and are subject to inherent risks and
uncertainties, including fluctuations in demand for and pricing of
our wood products, and risks associated with our capital plans.
Readers should also refer to the risk factors set forth in
the Company's annual information form and management's discussion
and analysis for the year ended December 31,
2022, each dated February 14, 2023, as updated in our
management's discussion and analysis for the six months ended
June 30, 2023, dated July 26, 2023, each available at SEDAR+
(www.sedarplus.ca) and EDGAR (www.sec.gov/edgar.shtml). There can
be no assurance that the plans, intentions, or expectations upon
which forward-looking statements are based will be realized.
Actual results may differ, and the difference may be material
and adverse to the Company and its shareholders. Readers
should exercise caution in relying upon forward-looking statements
and West Fraser undertakes no obligation to publicly revise them to
reflect subsequent events or circumstances except as required by
applicable securities laws.
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SOURCE West Fraser Timber Co. Ltd.