Taiga Building Products (TBL) announces Leadership Transition

BURNABY, BC, June 3, 2020 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") announced today that Russell Permann, currently Taiga's COO and EVP Operations, will be appointed to the role of Co-CEO effective January 1^st, 2021.  In order to facilitate an orderly succession process, Trent Balog, Taiga's current CEO and President, will step down from his present positions on December 31^st, 2020 and serve as Co-CEO alongside Mr. Permann.  Mr. Balog has agreed to step down from the Co-CEO position on December 31^st, 2021 and remain involved with the Company in a consulting role for a two year period thereafter. Effective January 1^st, 2022, Mr. Permann will take over as Taiga's sole CEO.

Ian Tong, Chairman of Taiga Building Products said "among his many accomplishments over his 26 year career at Taiga, Mr. Balog was instrumental in growing the Company into a leading manufacturer and distributor of treated wood products in Canada.  As CEO, Mr. Balog has worked tirelessly to prepare Taiga for its next phase of growth. He modernized Taiga's IT infrastructure by supporting the implementation of new Customer Relationship Management and Warehouse Management systems.  He grew the Company's presence in allied building products like flooring and siding.  He also led the Company through its first major acquisition in over a decade, by acquiring Exterior Wood Inc. in 2018. On behalf of the board of directors, I would like to thank Mr. Balog for his enormous contributions to Taiga's success. I am excited that Mr. Balog will remain with Taiga until the end of 2023 to help mentor the next generation of Taiga leadership."

Prior to Taiga, Mr. Permann spent 8 years at Jager Building Systems Inc.  When he left Jager, he was their Director of Sales and Distribution - North America.  He joined Taiga in 2008 as General Manager, Engineered Wood Products and gradually took on greater responsibilities including overseeing Taiga's business in the Prairies and the USA and managing the Envirofor plants.  Mr. Permann has a Bachelor of Arts in Political Science from the University of Calgary and an MBA from Athabasca University.  Ian Tong stated "Mr. Permann's extensive industry experience, coupled with his outstanding interpersonal and communication skills and passion for innovation will position Taiga for continued success in the coming years."

Forward-Looking Information
This news release contains 'forward-looking information'. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could",  estimate", "expect", "intend", "may", "plan", "predict", "potential", "project", "will", "would",  and similar terms and phrases, including references to assumptions. 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 indicated in the forward-looking information. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including a prolonged duration of the COVID-19 outbreak and/or further restrictive measures to contain its spread, the emergence of other epidemic diseases, the evolving impact of COVID-19 on Taiga's customers and suppliers, general economic conditions, as well as the risk factors identified in Taiga's Annual Information Form dated February 21, 2020 and in Taiga's public disclosure record available at www.sedar.com. Statements containing forward-looking information in this news release represent Taiga's expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. Taiga disclaims any intention or obligation to update or revise such statements to reflect new information, subsequent events or otherwise, unless required by applicable securities laws.

SOURCE Taiga Building Products Ltd.

Mark Schneidereit-Hsu, VP, Finance and Administration and CFO, Tel: [phone], Email: [email protected]

Related Links

http://www.taigabuilding.com/