Uni-Select Announces Change in Leadership of US Automotive Operations
Uni-Select Inc. announced that Mr. William E. Alexander is leaving his position as president and chief operating officer, US Automotive. As a consequence, Uni-Select is launching a recruitment process for the appointment of a new Chief...
Uni-Select Inc. announced that Mr. William E. Alexander is leaving his position as president and chief operating officer, US Automotive. As a consequence, Uni-Select is launching a recruitment process for the appointment of a new Chief Operating Officer for its US Automotive activities.
Meanwhile, and until the recruitment process is completed, Mr. Dennis Welvaert will be acting president and chief operating officer, US Automotive. Mr. Welvaert retired as president of Dayco North American Aftermarket Division in 2011. He is chairman of the Global Automotive Aftermarket Symposium and is former chairman of the Automotive Aftermarket Suppliers Association (AASA). While with Dayco, Mr. Welvaert held senior executive-level positions in the OEM, industrial and aftermarket divisions. He has more than 40 years of experience in the automotive industry.
Given the declining performance of its United States automotive parts distribution activities over the last few quarters, and the good results delivered by its Canadian operations as well as its US paint and related products, Management together with the Board of Directors have concluded that a formal review of strategic alternatives centered on its US automotive operations is the appropriate next step. This process is aimed at unlocking additional value for shareholders. RBC Capital Markets has been retained to assist Management in conducting this review.
It should be noted that in 2012 the Corporation has initiated a renewal process of its Board of Directors. Two new directors joined the Board while three directors left in the past year. Furthermore, subject to shareholder approval at the upcoming Annual Meeting of Shareholders, three new independent directors are expected to join the Board while two directors are retiring, resulting in 50% of new directors since the renewal process has been initiated.
“With the help of our advisors and the support of our Board, we will leverage our assets, our expertise and our capabilities in the United States to generate the best value, creating opportunities available for the benefit of all our shareholders, employees, customers and suppliers” says Richard G. Roy, president and CEO of Uni-Select.
“In the meantime, we will maintain our objectives of pursuing our optimization plan and the reduction of expenses, reducing the level of indebtedness and achieving our sales strategy to diversify and increase market share” added Mr. Roy.
Uni-Select has not established a definitive timeline to complete its review and will be assessing all available alternatives within the next few months. The Corporation does not intend to further comment regarding the evaluation of strategic alternatives, unless otherwise determined or required by law.