Algoma Central Corporation - Greg Wight, President and CEO Announces Retirement Plans

(TSX : ALC)

ST. CATHARINES, ON, Sept. 5, 2014 /CNW/ - Greg Wight, President and CEO of Algoma Central Corporation ("Algoma" – www.algonet.com) today announced to employees his plan to retire from the Corporation during the 1^st quarter of  2015.

Greg joined the Marine Division of Algoma Central Railway in January 1980 as the Division's Controller. At that time, Algoma's Marine Division owned and operated 12 Great Lakes vessels and had revenues of $66 million. Today, as CEO, Greg heads an organization that owns and operates 33 Great Lakes vessels and has interests in ocean shipping and real estate. In 2013 the Corporation reported revenues of $500 million.

Greg rose steadily in the Company, holding a variety of financial roles, eventually moving to St. Catharines in 1996 following the sale of the Algoma Central Railway and the consolidation of the Company's marine operations in the city. Greg was appointed Vice-President, Finance in the same year, Executive Vice-President and Chief Financial Officer in 2006 and was appointed President and Chief Executive Officer in 2008.

In addition to his responsibilities at Algoma and a number of positions with industry related organizations, Greg has held a variety of community roles, including the 2013 Campaign Chair of the United Way of St. Catharines and District. This campaign raised a total of $3.4 million, the highest total in the history of the St. Catharines United Way.

"Come January, I will have been with Algoma for 35 years," Greg says, "and I could not have asked for a better Company or group of people to work with. Algoma has risen to be the largest owner and operator of Canadian flag vessels on the Great Lakes – St. Lawrence Waterway. The Company prides itself on its contribution to the Canadian economy and on the role it plays in the communities in which employees live and work."

Greg continued, "Algoma is a very strong company that has been recognized as one of Canada's Best Managed Companies in both 2012 and 2013. I feel comfortable knowing I can retire and leave the future of Algoma in the capable hands of the managers and employees who have been responsible for getting us where we are today. I am looking forward to spending more time with my wife Anne and our family, and perhaps a little more time on the golf course."

"Greg deserves tremendous praise for his contributions to the company", said Duncan Jackman, Chairman of the Board of Directors of Algoma.  "His leadership and focus have been so important to the success of Algoma, particularly during a period of such economic uncertainty.  Greg's accomplishments extend to the fleet renewal program he championed, which leaves Algoma well positioned for future success.  Greg will be missed.  On behalf of the Board, I wish Greg the very best in retirement next year." 

The Board of Algoma has engaged the executive search firm of Heidrick & Struggles to assist them in the process of selecting Greg's successor and will consider both internal and external candidates for the role.

About Algoma Central Corporation

Algoma Central Corporation owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including 18 self-unloading dry-bulk carriers, seven gearless dry bulk carriers and seven product tankers. Algoma also has interests in ocean dry-bulk and product tanker vessels operating in international markets. Algoma provides ship management services for other ship owners and owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions of Canada. In addition, Algoma owns and manages commercial real estate properties in Sault Ste. Marie, St. Catharines and Waterloo, Ontario.

SOURCE: Algoma Central Corporation

Greg D. Wight, FCPA, FCA, President and Chief Executive Officer, 905-687-7850; Peter D. Winkley, CPA, CA, Vice President, Finance and Chief Financial Officer, 905-687-7897