03.03.2008

New CEO at Finning

Finning International, the parent of Hewden and a CAT dealer in Canada, the UK and other markets has appointed Michael T. Waites as its president and chief executive officer.

Waites is currently the group’s chief financial officer and his new appointment is subject to shareholder approval at the group’s Annual General Meeting on May 6th following which he will also join the board of directors.
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Michael T. Waites

Waites replaces Doug Whitehead who has elected to retire and will, subject to shareholder approval, remain on the Finning Board assuming the position of chairman.

Conrad Pinette, the current chairman, will step down from that role and subject to shareholder approval will remain as a director. In addition, the Finning Board will appoint a lead director.

Prior to joining Finning Waites held dual roles of chief executive officer U.S. Network and chief financial officer of Canadian Pacific Railway. Before that he was chief financial officer at Chevron Canada Resources.

Pinette said: "We are extremely pleased to appoint Mike as Finning's president and CEO, following an extensive search that evaluated internal and external candidates, we believe we have found the very best individual to take on this role.”

“Mike has proven to be an exceptional leader during his tenure at Finning and he has extensive senior executive experience with two other major Canadian public corporations. He brings a well-rounded senior executive background, an extensive financial capability and strong experience in providing senior leadership and strategic execution. On behalf of the Board I'd like to welcome Mike to his new position."

Waites said: "I am very pleased to have been selected to take on this role, from my time here, I know that Finning has a bright future, and highly capable people who are our biggest strength. I look forward to working with all of them to continue building the company. We will remain focused on the execution of our current strategy, and together with Caterpillar will build on our equipment sales and customer service capability.”