TORONTO, Dec. 14,
2023 /CNW/ - Aecon Group Inc. (TSX: ARE) ("Aecon" or
the "Company") 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 Aecon's management team to ensure a smooth transition.
Aecon is considering all alternatives for his replacement.
Mr. Smales joined Aecon as Executive Vice President and Chief
Financial Officer in November 2009
and has been a guiding force on Aecon's 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.
"David's significant contributions to Aecon during his 14-year
tenure have been critical to the Company's success," said
Jean-Louis Servranckx, President and
Chief Executive Officer, Aecon Group Inc. "David was
instrumental as Aecon 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 Aecon Utilities and the Bermuda International Airport, and
significantly strengthened Aecon's 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."
"On behalf of Aecon's Board of Directors, we are extraordinarily
grateful for David's deep commitment and leadership, and are
confident the team he has built will see continued success," said
John M. Beck, Chairman, Board of
Directors, Aecon Group Inc. "We wish David the utmost success
in his next role."
"It has been a privilege to work alongside John, Jean-Louis and
my fellow Aecon employees many of whom have become dear friends. I
am extraordinarily proud of all we have collectively accomplished,"
said David Smales. "To say the
least this wasn't 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 Aecon focuses on the
tremendous opportunities ahead linked to decarbonization and the
energy transition."
About Aecon
Aecon Group Inc. (TSX: ARE) is a national Canadian construction
and infrastructure development company with global experience.
Aecon 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
@AeconGroupInc.
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 Aecon'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 - "Risk Factors" 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
Aecon undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE Aecon Group Inc.