CANACCORD GENUITY GROUP INC. ANNOUNCES PROPOSED CHANGES TO BOARD OF DIRECTORS
TORONTO, June 5, 2024 /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the "Company") announces a new slate of nominees for election to the Company's Board of Directors at the Company's Annual General Meeting scheduled for August 9, 2024.
The director nominees are:
- Dan Daviau
- Michael Auerbach
- Shannon Eusey
- Terry Lyons
- Cindy Tripp
As previously announced, current Chairman David Kassie intends to step down following the Company's upcoming Annual General Meeting. While Mr. Kassie will not continue in a formal governance role, he will be given the honourary title of Chairman Emeritus.
"David has been a valued colleague and friend for many years and a source of wise counsel which has been instrumental in positioning our Company for long-term success. I will always be grateful for his dedication and partnership," said Dan Daviau, President & CEO of Canaccord Genuity Group Inc.
Current Director Jo-Anne O'Connor will not seek re-election. Since joining the board in 2022, Joanne has provided thoughtful perspective grounded in decades of financial services industry experience. Current Director Rod Phillips will also not stand for re-election, as he will continue in his role as Vice Chairman of the Company's Canadian broker-dealer. Additionally, current Director Amy Freedman will not stand for re-election and will focus on other endeavours which align with her extensive capital markets and governance advisory expertise.
"Amy, Joanne, and Rod have worked tirelessly on behalf of our shareholders, particularly under the extenuating circumstances of the past year. They have served as model directors, upholding strong governance throughout their respective terms of service," said Michael Auerbach, Chair of the Corporate Governance and Compensation Committee.
The role of Chairman will transition to President & CEO Dan Daviau, who will continue in his executive leadership role. The Board believes that the Company's Chief Executive Officer is best suited to serve as Chairman of the Board as he is most familiar with the company's history and business strategy and most capable of leading the discussion and enhancing the flow of information between management and the Board, which is essential to effective governance. The combined role of Chairman and Chief Executive Officer, together with a Lead Independent Director provides the most appropriate balance of strategic development and independent oversight to ensure accountability and sound risk management while operating in the best interests of shareholders. Michael Auerbach will assume the role of Lead Independent Director and Terry Lyons will continue as an independent director and Chair of the Audit and Risk Committee. Additional biographical information about Mr. Lyons and Mr. Auerbach can be found in the Company's Management Information Circular which is expected to be filed and mailed to shareholders prior to the end of June.
Two new independent directors are also being nominated for election at the Annual General Meeting: Shannon Eusey is the Chief Executive Officer of Beacon Pointe Advisors LLC, one of the largest registered investment advisory firms in the United States and will bring outstanding wealth management experience to the board, and Elizabeth Cynthia (Cindy) Tripp, former member of the Board of the Ontario Securities Commission and member of the Ontario Government's Capital Markets Modernization Taskforce will bring deep expertise in capital markets and regulatory frameworks. Additional biographical information about Ms. Eusey and Ms. Tripp will also be made available in the Company's Management Information Circular.
The proposed slate of Directors possesses an optimal mix of experience to guide the long-term strategy and ongoing business operations of the Company. This smaller, focused Board is expected to provide greater agility and accountability over strategic priorities and direction while effectively carrying out fiduciary duties and other Board responsibilities. The two new independent director nominees bring an enhanced focus on wealth management and regulatory affairs. With these changes, the Board will be comprised of five (5) directors, of which four (4) are independent, with 50% female representation amongst independent directors.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the "Company") is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, UK & Europe, Asia, and Australia.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
This press release may contain "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). These statements relate to future events or future performance and reflect management's expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including business and economic conditions and Canaccord Genuity Group's growth, results of operations, performance and business prospects and opportunities. Such forward- looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements.
In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions; the length of a regulatory review and approval of the transaction; ability of the parties to meet closing conditions; the dynamic nature of the financial services industry;; and the risks and uncertainties discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and its annual information form ("AIF") filed on www.sedar.com as well as the factors discussed in the sections entitled "Risk Management" and "Risk Factors" in the AIF, which include market, liquidity, credit, operational, legal and regulatory risks.
Although the forward-looking statements contained in this press release are based upon assumptions that the Company believes are reasonable, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release and should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release. Except as may be required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, further developments or otherwise.
SOURCE Canaccord Genuity Group Inc.
Investor and media relations inquiries: Christina Marinoff, SVP, Head of Investor Relations & Global Corporate Communications, Phone: 416-687-5507, Email: [email protected], www.cgf.com/investor-relations
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