MONTREAL, Oct. 31, 2019 /CNW Telbec/ - SNC-Lavalin Group Inc., (TSX: SNC) is pleased to announce that its Board of Directors has appointed Ian L. Edwards as President and Chief Executive Officer of the Company, effective immediately.
Mr. Edwards was previously appointed as SNC-Lavalin's Interim President and Chief Executive Officer on June 11, 2019. Since that time, Mr. Edwards has actively consulted with investors representing the majority of SNC-Lavalin's shareholder base, and undertaken a comprehensive strategic review of the business, which resulted in the July 22, 2019 decision to exit lump-sum turnkey contracting. The Company was reorganized into two separate lines of business, SNCL Engineering Services and SNCL Projects.
"Over the course of recent months, Mr. Edwards has acted swiftly and decisively to develop a forward-looking approach and new strategic direction for the Company that draws on his decades of experience delivering complex engineering projects to clients around the world, input from senior leaders, and shareholder considerations," said Kevin Lynch, Chairman of SNC-Lavalin's Board of Directors. "SNC-Lavalin now has a clear path forward that is grounded in delivering results, and strategically focused on sustainable growth."
Mr. Lynch added, "We believe Ian is the right leader, at the right time, to take the Company forward, and on behalf of the Board of Directors of SNC-Lavalin, we are very pleased to appoint him as President and Chief Executive Officer of the Company."
Mr. Edwards commented, "I am truly honoured to have this opportunity to lead SNC-Lavalin, one of only a handful of global engineering firms, and one of Canada's great companies. I would like to thank our shareholders for taking the time to meet with me in recent months and provide thoughtful feedback. Our new strategy is designed to optimize what it is SNC-Lavalin does best and generate consistent earnings and cash flow. I also want to acknowledge the hard work and dedication of our incredibly talented people across the globe, without whom we would not be able to do the kind of world-class work we do every day. Our job now is to remain relentlessly focused on execution. We have a very exciting future ahead of us, and I look forward to working with all our stakeholders to realize our shared objectives."
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees think beyond engineering. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction management, sustaining capital and operations and maintenance – to clients across the EDPM (engineering, design and project management), Infrastructure, Nuclear, and Resources businesses. www.snclavalin.com
SOURCE SNC-Lavalin
Media, Daniela Pizzuto, Director, External Communications, 514-393-8000, ext. 54772, [email protected]; Investors, Denis Jasmin, Vice President, Investor Relations, 514-393-8000, ext. 57553, [email protected]
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