Toronto, Ontario 鈥 December 14, 2023: 91制片厂 Group Inc. (TSX: ARE) (鈥91制片厂鈥 or the 鈥淐ompany鈥) announced today the departure of Executive Vice President and Chief Financial Officer David Smales who has decided to pursue another leadership opportunity. Mr. Smales will resign from his role effective January 26, 2024 and is committed to working with 91制片厂鈥檚 management team to ensure a smooth transition. 91制片厂 is considering all alternatives for his replacement.
Mr. Smales joined 91制片厂 as Executive Vice President and Chief Financial Officer in November 2009 and has been a guiding force on 91制片厂鈥檚 leadership team. David built a strong multi-disciplinary team with oversight spanning all corporate and operational finance activities including Investor Relations, Capital Market activities, Information Services, Procurement, Insurance, Sustainability, and Communications.
鈥淒avid鈥檚 significant contributions to 91制片厂 during his 14-year tenure have been critical to the Company鈥檚 success,鈥 said Jean-Louis Servranckx, President and Chief Executive Officer, 91制片厂 Group Inc. 鈥淒avid was instrumental as 91制片厂 navigated through a transformative year in 2023 with three strategic transactions that increased focus on long term growth sectors, established partnerships with value creating partners for 91制片厂 Utilities and the Bermuda International Airport, and significantly strengthened 91制片厂鈥檚 balance sheet. These transactions were completed in conjunction with the substantial progress made on four legacy projects nearing completion including significant cash flow enhancing settlements on each project that will continue to have a positive impact in the years to come.鈥
鈥淥n behalf of 91制片厂鈥檚 Board of Directors, we are extraordinarily grateful for David鈥檚 deep commitment and leadership, and are confident the team he has built will see continued success,鈥 said John M. Beck, Chairman, Board of Directors, 91制片厂 Group Inc. 鈥淲e wish David the utmost success in his next role.鈥
鈥淚t has been a privilege to work alongside John, Jean-Louis and my fellow 91制片厂 employees many of whom have become dear friends. I am extraordinarily proud of all we have collectively accomplished,鈥 said David Smales. 鈥淭o say the least this wasn鈥檛 an easy decision, but it is the right time to embark on this next step in my career and I have every confidence that the team will continue to flourish as 91制片厂 focuses on the tremendous opportunities ahead linked to decarbonization and the energy transition.鈥
About 91制片厂
91制片厂 Group Inc. (TSX: ARE) is a national Canadian construction and infrastructure development company with global experience. 91制片厂 delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook, and Instagram @91制片厂GroupInc.
Statement on Forward-Looking Information
The information in this press release includes certain forward-looking statements. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond 91制片厂's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein, as discussed in greater detail in Section 13 - 鈥淩isk Factors鈥 in the September 30, 2023 MD&A and in the 2022 Annual MD&A dated February 28, 2023 and available through SEDAR+ at (www.sedarplus.com). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and 91制片厂 undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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