VANCOUVER, British Columbia, Feb. 12, 2019 (GLOBE NEWSWIRE) — Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) announced today the implementation of its planned Board of Directors (the “Board”) leadership transition, including changes to Chair roles of the Board, Audit Committee and Environmental, Health and Safety Committee.
Michael Waites has been appointed as Chair of the Board and has concurrently stepped down as Vice-Chair of the Audit Committee and Chair of the Environmental, Health and Safety Committee. Mr. Waites will continue to serve as an independent member of each of the Company’s Board committees. As a result of the appointment of Mr. Waites’ as an independent Chair, the Board has combined the positions of Chair of the Board and Independent Lead Director.
Lee Doney has been appointed as Chair of the Environmental, Health and Safety Committee and has stepped down from the Chair of the Board position that he has held since February 2014. Mr. Doney has served as a director of the Company since July 2004. He was appointed Vice-Chairman of the Board in November 2008.
Jim Arthurs has stepped down as Chair of the Audit Committee and continues to serve as an independent member of the Company’s Audit Committee, Environmental, Health and Safety Committee, and Nominating and Corporate Governance Committee. Mr. Arthurs has served as a director of the Company since July 2004.
Daniel Nocente has been appointed as Chair of the Audit Committee and continues to serve as an independent member of the Company’s Nominating and Corporate Governance Committee, and Chair of the Management Resources and Compensation Committee. Mr. Nocente has served as a director of the Company since May 2014.
The Board leadership transition plan was recommended by the Company’s Nominating and Corporate Governance Committee working in conjunction with the Chair of the Board and reinforces Western’s commitment to corporate governance best practices. In addition, the Nominating and Corporate Governance Committee has engaged an executive search firm to assist in identifying director candidates with complementary skills and experiences in support of the Company’s ongoing Board succession plan.
“On behalf of the board of directors, I would like to congratulate Mike on his appointment as Chair. His experience and leadership will be invaluable to our optimization and our growth strategy,” said Mr. Doney. “I look forward to continuing to work with the Board and our executive management in achieving our vision for Western of becoming a global leader in providing the most sustainable building products in the world.”
Mr. Waites has served as a director of the Company since November 2014. He has previously held director roles with Repsol Oil & Gas Canada, Inc. and Hudbay Minerals Inc. Mr. Waites is past President and CEO, and, earlier, Executive Vice President and CFO, of Finning International. He has also held senior positions with Canadian Pacific Railway and Chevron Canada Resources. Mr. Waites has a Master of Business Administration from Saint Mary’s College (California), a Master of Arts in Economics from the University of Calgary, a Bachelor of Arts (Honours) in Economics from the University of Calgary, and has completed the Executive Program at the University of Michigan Business School.
About Western Forest Products Inc.
Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.1 billion board feet from eight sawmills and four remanufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.
For further information, please contact:
Stephen Williams,
Executive Vice President & Chief Financial Officer
(604) 648-4500
Forward-looking Statements
This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by references to future periods. Forward-looking statements in this press release include, but are not limited to, statements relating to the Company’s board recruitment and succession planning. Although such statements reflect management’s current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including factors referenced under the “Risks and Uncertainties” section of our MD&A in our 2018 Annual Report dated February 12, 2019.
