Shawcor Announces Resignation of Chief Financial Officer, Executive Appointment and Leadership Succession Plan
TORONTO, Oct. 08, 2021 (GLOBE NEWSWIRE) – Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced today that Gaston Tano, Senior Vice President Finance and Chief Financial Officer, has elected to replace Down and will be leaving the Company effective May 31 2022.
Shawcor also announced that Thomas R. Holloway will join the company as vice president and chief accounting officer, effective on or around December 1, 2021 and is expected to succeed Mr. Tano as senior vice president of finance and chief financial officer.
In his interim role, Mr. Holloway will immediately assume responsibility for the Company’s financial accounting and related reporting activities and will report to Gaston Tano, Senior Vice President and Chief Financial Officer of Shawcor. Mr. Tano will continue to actively lead the finance function of Shawcor. Consistent with the Company’s past executive succession practices, Mr. Tano will engage in a solid transition process with Mr. Holloway to allow for a transparent transfer of responsibilities.
Mr. Holloway holds a BBA in Accounting from the University of Houston and joined Shawcor after a career that started with Arthur Anderson and included financial and accounting leadership roles in several energy-focused organizations. Among his previous experiences, Mr. Holloway was Vice President of Finance at Forum Energy Technologies, Inc., Director of Accounting at Spark Energy and most recently CFO for two complex, global and capital-backed product manufacturing organizations. private.
Mr. Tano joined Shawcor in September 2016 as Vice President, Finance and became Chief Financial Officer on May 1.st, 2017. During his tenure, he played a key role in improving the financial functions of the company and in achieving substantial savings in terms of costs and capital. His leadership in capital allocation, negotiations of multiple credit facilities and restructuring plans has contributed to significant value creation for stakeholders, as has his essential role in driving strategic initiatives and portfolio optimization – including the very successful acquisition of ZCL Composites and the more recent divestiture of Canusa-CPS and Dhatec.
Mike Reeves, President and CEO of Shawcor, said, “On behalf of Shawcor employees around the world, I want to recognize and thank Gaston for his extremely important contribution to this organization. His dedication, experience and commitment have been essential as the company has gone through several difficult years, especially the extraordinary circumstances of 2020. I am very pleased that someone of Tom’s caliber and ability is joining Shawcor and is partnering with me and the entire management team for the next phase of our growth. Tom’s previous experience in public and private companies and his results-oriented approach to leadership will help ensure our continued success. I am confident that the extended transition period prior to Gaston’s departure will allow for an effective and efficient transfer of responsibilities to Tom, ensuring no disruption in the execution of our short-term business or in our longer-term strategic initiatives.
Shawcor President Derek Blackwood said, “The Board would like to thank Gaston for his strong leadership and very efficient execution of so many important activities over the past five years. His deep experience and personal work ethic have been crucial, especially over the past 18 months. and we wish him and his family the best. I am delighted to welcome Tom to the Shawcor team; the board and I look forward to working with him throughout his transition to the role of CFO.
Shawcor Ltd. is a global company serving various sectors of the infrastructure, energy and transportation markets through three information segments: composite systems, automotive and industrial, and pipeline and pipeline services . The Company operates through a global network of fixed and mobile manufacturing and service facilities and is recognized for its integrity, technology and proven execution capability.
This press release contains forward-looking information within the meaning of applicable securities laws. Words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “predict”, “estimate” or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analyzes made in light of the Company’s experience and its perception of trends, current conditions and expected developments, as well as other factors that the Company considers. as reasonable and relevant to the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those predicted, expressed or implied by forward-looking information. Forward-looking information is provided as of the date of this press release and the Company assumes no obligation to update or revise forward-looking information to reflect new events or circumstances, except as required by law.
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Source: Shawcor Ltée.