TSX Symbol: WJX
TORONTO, Oct. 5, 2021 /CNW/ - Wajax Corporation ("Wajax" or the "Corporation") today announced that Mark Foote will retire as President and Chief Executive Officer on December 31, 2021. Ignacy (Iggy) Domagalski, the Chief Executive Officer of Tundra Process Solutions Ltd. ("Tundra"), which was acquired by Wajax in January 2021, will be appointed President and Chief Executive Officer of Wajax upon Mr. Foote's retirement.
Mr. Foote has served as President and Chief Executive Officer of Wajax since March 2012, guiding the Corporation through significant change. Among other things, Mr. Foote oversaw the reorganization of Wajax from independent product divisions to an integrated distribution model, achieved significant improvements in employee safety and satisfaction, and implemented a customer-focused growth strategy that combines a broad range of heavy equipment, industrial parts and engineered repair services businesses to meet the needs of the Corporation's approximately 32,000 commercial, industrial and resource customers. Commenting on his experience, Mr. Foote said, "It has been a real privilege to lead the Wajax team and to contribute to the ongoing success of such a storied Canadian company. I look forward to working with Iggy and the leadership team to ensure a successful transition, and I am convinced Iggy's leadership will result in an even stronger organization for our team and our customers."
Mr. Domagalski joined Tundra in 2008 and, after serving as Chief Operating Officer, was appointed Chief Executive Officer in 2016. Since then, he has been instrumental in leading the team which has built Tundra into a Canadian leader in the industrial parts and engineered repair services businesses. Following Wajax's acquisition of Tundra, Mr. Domagalski became a member of the Wajax Senior Leadership Team and has participated actively in the development of the Corporation's heavy equipment and industrial parts and services strategies for 2022 and beyond. He holds a Bachelor of Commerce (Honours) degree from the Asper School of Business at the University of Manitoba and, in 2018, was named by BNN Bloomberg as one of Canada's Top 40 Under 40; he is also the Fundraising Chair and a member of the Board of Directors of the Kids Cancer Care Foundation of Alberta. Mr. Domagalski is a shareholder of Wajax, currently holding approximately 135,800 common shares.
Commenting on his upcoming role, Mr. Domagalski said, "I am very excited by the opportunity to lead Wajax and to continue our strategy of combining a diverse range of heavy equipment, industrial parts and services, and excellent customer service, to drive sustainable growth. I am particularly looking forward to working with Wajax's leadership team, frontline staff and manufacturing partners to drive energy into the company's brand and culture, and to use the company's financial capacity to capitalize on organic growth and acquisition opportunities."
Rob Dexter, Chairman of the Wajax Board of Directors, stated, "On behalf of Wajax's employees, manufacturing partners and the board, I would like to thank Mark for his incredible hard work during nearly ten years as President and Chief Executive Officer. Mark's outstanding leadership and resolve have ensured that the changes necessary to manage through challenging markets have been made, and that Wajax is on-track to become Canada's leading industrial products and services provider. The board continues to believe very strongly in the vision and strategy built by Mark and his team, and we wish Mark nothing but the very best in his well-earned retirement."
Mr. Dexter continued, "As part of a comprehensive succession planning process, the board surveyed and evaluated a wide range of internal and external Chief Executive Officer candidates. We are confident that the choice of Iggy as Wajax's next leader will allow the company to continue its successful growth strategy and build upon the work already done to position Wajax as an industry leader in customer service, employee satisfaction and safety. We are excited to support Iggy and the leadership team in driving the next level of growth for Wajax and its stakeholders."
In connection with his retirement as President and Chief Executive Officer, Mr. Foote will also retire from the Wajax Board of Directors. Mr. Domagalski will be appointed to the Wajax board concurrently with his appointment as President and Chief Executive Officer.
Wajax also announced a number of other upcoming changes to senior executive roles that are intended to drive growth through the Corporation's integrated distribution model. Steve Deck, who has been with the Corporation since 2014, most recently serving as Chief Operating Officer, will become Chief Operating Officer and Senior Vice President, Heavy Equipment. Justin Warren, who has also been with the Corporation since 2014, most recently serving as Regional Vice President, Ontario, will become Senior Vice President, Industrial Parts and Engineered Repair Services. The forgoing changes will be effective November 1, 2021. Stuart Auld, who has been with the Corporation since 2014 and is Wajax's Chief Financial Officer, will continue in his current role.
Wajax Corporation
Founded in 1858, Wajax (TSX: WJX) is one of Canada's longest standing and most diversified industrial products and services providers. The Corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities and oil and gas. For more information on Wajax, please visit the company's website at https://www.wajax.com.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements relate to future events or the Corporation's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "anticipates", "intends", "predicts", "expects", "is expected", "scheduled", "believes", "estimates", "projects" or "forecasts", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors beyond the Corporation's ability to predict or control which may cause actual results, performance and achievements to differ materially from those anticipated or implied in such forward-looking statements. To the extent any forward-looking information in this news release constitutes future-oriented financial information or financial outlook within the meaning of applicable securities law, such information is being provided to demonstrate the potential of the Corporation and readers are cautioned that this information may not be appropriate for any other purpose. There can be no assurance that any forward-looking statement will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, reflect management's current beliefs and are based on information currently available to management. Although management believes that the expectations represented in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to be correct. Specifically, this news release includes forward-looking statements regarding, among other things, the continuance of the Corporation's strategy of combining a diverse range of heavy equipment, industrial parts and services, and excellent customer service, to drive sustainable growth; and the use of the Corporation's financial capacity to capitalize on organic growth and acquisition opportunities. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, our ability to successfully manage our business through the COVID-19 pandemic and actions taken by governments, public authorities, suppliers and customers in response to the novel coronavirus and its variants; general business and economic conditions; the supply and demand for, and the level and volatility of prices for, oil, natural gas and other commodities; financial market conditions, including interest rates; our ability to execute our updated Strategic Plan, including our ability to develop our core capabilities, execute on our organic growth priorities, complete and effectively integrate acquisitions, and to successfully implement new information technology platforms, systems and software; the future financial performance of the Corporation; our costs; market competition; our ability to attract and retain skilled staff; our ability to procure quality products and inventory; and our ongoing relations with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive. Factors that may cause actual results to vary materially include, but are not limited to: the geographic spread and ultimate impact of the COVID-19 virus and its variants, and the duration of the coronavirus pandemic; the duration and severity of travel, business and other restrictions imposed by governments and public authorities in response to COVID-19, as well as other measures that may be taken by such authorities; actions taken by our suppliers and customers in relation to the COVID-19 pandemic, including slowing, reducing or halting operations; a continued or prolonged deterioration in general business and economic conditions (including as a result of the COVID-19 pandemic); volatility in the supply and demand for, and the level of prices for, oil, natural gas and other commodities; a continued or prolonged decrease in the price of oil or natural gas; fluctuations in financial market conditions, including interest rates; the level of demand for, and prices of, the products and services we offer; levels of customer confidence and spending; market acceptance of the products we offer; termination of distribution or original equipment manufacturer agreements; unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, our inability to reduce costs in response to slow-downs in market activity, unavailability of quality products or inventory, supply disruptions (including disruptions caused by the COVID-19 pandemic), job action and unanticipated events related to health, safety and environmental matters); our ability to attract and retain skilled staff and our ability to maintain our relationships with suppliers, employees and customers. The foregoing list of factors is not exhaustive. Further information concerning the risks and uncertainties associated with these forward-looking statements and the Corporation's business may be found in our Annual Information Form for the year ended December 31, 2020 (the "AIF"), in our annual MD&A for financial risks, and in our most recent quarterly MD&A, all of which have been filed on SEDAR. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
Readers are cautioned that the risks described in the AIF, and in our annual and quarterly MD&A, are not the only risks that could impact the Corporation. We cannot accurately predict the full impact that COVID-19 will have on our business, results of operations, financial condition or the demand for our products and services due to the uncertainties related to the spread of the virus and its variants. Risks and uncertainties not currently known to the Corporation, or currently deemed to be immaterial, may have a material effect on the Corporation's business, financial condition or results of operations.
SOURCE Wajax Corporation
Mark Foote, President and Chief Executive Officer, Email: [email protected]; Stuart Auld, Chief Financial Officer, Email: [email protected]; Iggy Domagalski, Chief Executive Officer, Tundra Process Solutions, Email: [email protected]
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