TSX Symbol: WJX
TORONTO, Oct. 5, 2021 /CNW/ - Wajax Corporation
("Wajax" or the "Corporation") today announced that
Mark Foote will retire as President
and Chief Executive Officer on December 31,
2021. Ignacy (Iggy)
Domagalski, the Chief Executive Officer of Tundra Process
Solutions Ltd. ("Tundra"), which was acquired by Wajax in
January 2021, will be appointed
President and Chief Executive Officer of Wajax upon Mr. Foote's
retirement.
Mr. Foote has served as President and Chief Executive Officer of
Wajax since March 2012, guiding the
Corporation through significant change. Among other things, Mr.
Foote oversaw the reorganization of Wajax from independent product
divisions to an integrated distribution model, achieved significant
improvements in employee safety and satisfaction, and implemented a
customer-focused growth strategy that combines a broad range of
heavy equipment, industrial parts and engineered repair services
businesses to meet the needs of the Corporation's approximately
32,000 commercial, industrial and resource customers. Commenting on
his experience, Mr. Foote said, "It has been a real privilege to
lead the Wajax team and to contribute to the ongoing success of
such a storied Canadian company. I look forward to working with
Iggy and the leadership team to ensure a successful transition, and
I am convinced Iggy's leadership will result in an even stronger
organization for our team and our customers."
Mr. Domagalski joined Tundra in 2008 and, after serving as Chief
Operating Officer, was appointed Chief Executive Officer in 2016.
Since then, he has been instrumental in leading the team which has
built Tundra into a Canadian leader in the industrial parts and
engineered repair services businesses. Following Wajax's
acquisition of Tundra, Mr. Domagalski became a member of the Wajax
Senior Leadership Team and has participated actively in the
development of the Corporation's heavy equipment and industrial
parts and services strategies for 2022 and beyond. He holds a
Bachelor of Commerce (Honours) degree from the Asper School of
Business at the University of Manitoba
and, in 2018, was named by BNN Bloomberg as one of Canada's Top 40 Under 40; he is also the
Fundraising Chair and a member of the Board of Directors of the
Kids Cancer Care Foundation of Alberta. Mr. Domagalski is a shareholder of
Wajax, currently holding approximately 135,800 common shares.
Commenting on his upcoming role, Mr. Domagalski said, "I am very
excited by the opportunity to lead Wajax and to continue our
strategy of combining a diverse range of heavy equipment,
industrial parts and services, and excellent customer service, to
drive sustainable growth. I am particularly looking forward to
working with Wajax's leadership team, frontline staff and
manufacturing partners to drive energy into the company's brand and
culture, and to use the company's financial capacity to capitalize
on organic growth and acquisition opportunities."
Rob Dexter, Chairman of the Wajax
Board of Directors, stated, "On behalf of Wajax's employees,
manufacturing partners and the board, I would like to thank Mark
for his incredible hard work during nearly ten years as President
and Chief Executive Officer. Mark's outstanding leadership and
resolve have ensured that the changes necessary to manage through
challenging markets have been made, and that Wajax is on-track to
become Canada's leading industrial
products and services provider. The board continues to believe very
strongly in the vision and strategy built by Mark and his team, and
we wish Mark nothing but the very best in his well-earned
retirement."
Mr. Dexter continued, "As part of a comprehensive succession
planning process, the board surveyed and evaluated a wide range of
internal and external Chief Executive Officer candidates. We are
confident that the choice of Iggy as Wajax's next leader will allow
the company to continue its successful growth strategy and build
upon the work already done to position Wajax as an industry leader
in customer service, employee satisfaction and safety. We are
excited to support Iggy and the leadership team in driving the next
level of growth for Wajax and its stakeholders."
In connection with his retirement as President and Chief
Executive Officer, Mr. Foote will also retire from the Wajax Board
of Directors. Mr. Domagalski will be appointed to the Wajax board
concurrently with his appointment as President and Chief Executive
Officer.
Wajax also announced a number of other upcoming changes to
senior executive roles that are intended to drive growth through
the Corporation's integrated distribution model. Steve Deck, who has been with the Corporation
since 2014, most recently serving as Chief Operating Officer, will
become Chief Operating Officer and Senior Vice President, Heavy
Equipment. Justin Warren, who has
also been with the Corporation since 2014, most recently serving as
Regional Vice President, Ontario,
will become Senior Vice President, Industrial Parts and Engineered
Repair Services. The forgoing changes will be effective
November 1, 2021. Stuart Auld, who has been with the Corporation
since 2014 and is Wajax's Chief Financial Officer, will continue in
his current role.
Wajax Corporation
Founded in 1858, Wajax (TSX: WJX) is one of Canada's longest standing and most diversified
industrial products and services providers. The Corporation
operates an integrated distribution system providing sales, parts
and services to a broad range of customers in diverse sectors of
the Canadian economy, including construction, forestry, mining,
industrial and commercial, oil sands, transportation, metal
processing, government and utilities and oil and gas. For more
information on Wajax, please visit the company's website at
https://www.wajax.com.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains certain forward-looking statements
and forward-looking information, as defined in applicable
securities laws (collectively, "forward-looking
statements"). These forward-looking statements relate to future
events or the Corporation's future performance. All statements
other than statements of historical fact are forward-looking
statements. Often, but not always, forward looking statements can
be identified by the use of words such as "plans", "anticipates",
"intends", "predicts", "expects", "is expected", "scheduled",
"believes", "estimates", "projects" or "forecasts", or variations
of, or the negatives of, such words and phrases or state that
certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors beyond the Corporation's ability to
predict or control which may cause actual results, performance and
achievements to differ materially from those anticipated or implied
in such forward-looking statements. To the extent any
forward-looking information in this news release constitutes
future-oriented financial information or financial outlook within
the meaning of applicable securities law, such information is being
provided to demonstrate the potential of the Corporation and
readers are cautioned that this information may not be appropriate
for any other purpose. There can be no assurance that any
forward-looking statement will materialize. Accordingly, readers
should not place undue reliance on forward-looking statements. The
forward-looking statements in this news release are made as of the
date of this news release, reflect management's current beliefs and
are based on information currently available to management.
Although management believes that the expectations represented in
such forward-looking statements are reasonable, there is no
assurance that such expectations will prove to be correct.
Specifically, this news release includes forward-looking statements
regarding, among other things, the continuance of the Corporation's
strategy of combining a diverse range of heavy equipment,
industrial parts and services, and excellent customer service, to
drive sustainable growth; and the use of the Corporation's
financial capacity to capitalize on organic growth and acquisition
opportunities. These statements are based on a number of
assumptions which may prove to be incorrect, including, but not
limited to, our ability to successfully manage our business through
the COVID-19 pandemic and actions taken by governments, public
authorities, suppliers and customers in response to the novel
coronavirus and its variants; general business and economic
conditions; the supply and demand for, and the level and volatility
of prices for, oil, natural gas and other commodities; financial
market conditions, including interest rates; our ability to execute
our updated Strategic Plan, including our ability to develop our
core capabilities, execute on our organic growth priorities,
complete and effectively integrate acquisitions, and to
successfully implement new information technology platforms,
systems and software; the future financial performance of the
Corporation; our costs; market competition; our ability to attract
and retain skilled staff; our ability to procure quality products
and inventory; and our ongoing relations with suppliers, employees
and customers. The foregoing list of assumptions is not exhaustive.
Factors that may cause actual results to vary materially include,
but are not limited to: the geographic spread and ultimate impact
of the COVID-19 virus and its variants, and the duration of the
coronavirus pandemic; the duration and severity of travel, business
and other restrictions imposed by governments and public
authorities in response to COVID-19, as well as other measures that
may be taken by such authorities; actions taken by our suppliers
and customers in relation to the COVID-19 pandemic, including
slowing, reducing or halting operations; a continued or prolonged
deterioration in general business and economic conditions
(including as a result of the COVID-19 pandemic); volatility in the
supply and demand for, and the level of prices for, oil, natural
gas and other commodities; a continued or prolonged decrease in the
price of oil or natural gas; fluctuations in financial market
conditions, including interest rates; the level of demand for, and
prices of, the products and services we offer; levels of customer
confidence and spending; market acceptance of the products we
offer; termination of distribution or original equipment
manufacturer agreements; unanticipated operational difficulties
(including failure of plant, equipment or processes to operate in
accordance with specifications or expectations, cost escalation,
our inability to reduce costs in response to slow-downs in market
activity, unavailability of quality products or inventory, supply
disruptions (including disruptions caused by the COVID-19
pandemic), job action and unanticipated events related to health,
safety and environmental matters); our ability to attract and
retain skilled staff and our ability to maintain our relationships
with suppliers, employees and customers. The foregoing list of
factors is not exhaustive. Further information concerning the risks
and uncertainties associated with these forward-looking statements
and the Corporation's business may be found in our Annual
Information Form for the year ended December
31, 2020 (the "AIF"), in our annual MD&A for
financial risks, and in our most recent quarterly MD&A, all of
which have been filed on SEDAR. The forward-looking statements
contained in this news release are expressly qualified in their
entirety by this cautionary statement. The Corporation does not
undertake any obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless so required by applicable securities laws.
Readers are cautioned that the risks described in the AIF, and
in our annual and quarterly MD&A, are not the only risks that
could impact the Corporation. We cannot accurately predict the full
impact that COVID-19 will have on our business, results of
operations, financial condition or the demand for our products and
services due to the uncertainties related to the spread of the
virus and its variants. Risks and uncertainties not currently known
to the Corporation, or currently deemed to be immaterial, may have
a material effect on the Corporation's business, financial
condition or results of operations.
SOURCE Wajax Corporation