Element Financial Corporation
TSX : EFN

Element Financial Corporation

March 25, 2015 07:00 ET

Element Announces the Appointment of William Lovatt as Chairman and Richard Venn as Vice-Chairman

TORONTO, ONTARIO--(Marketwired - March 25, 2015) - Element Financial Corporation (TSX:EFN) ("Element" or the "Company"), one of North America's leading equipment and vehicle finance companies, announced today that it has appointed independent director William Lovatt as Chairman of the Company's board of directors, effective as of April 1, 2015. This appointment aligns Element with optimal corporate governance standards where the roles of Chairman and Chief Executive Officer are separated. Element's Chief Executive Officer, Steven K. Hudson, will remain an executive member on the board.

"Having served as Executive Vice President and Chief Financial Officer of one of Canada's largest financial services companies, Bill Lovatt brings four decades of leadership experience in the financial services industry to Element's board and shareholders," said Steven K. Hudson, Element's Chief Executive Officer.

In addition, the Company announced that Mr. Richard Venn has been appointed as Vice-Chairman of the board of directors as of April 1, 2015. Mr. Lovatt and Mr. Venn were first appointed to Element's board in December of 2014.

The Company also announced today that The Hon. Brian Tobin, P.C., O.C. has been appointed to the Company's board of directors to sit as an independent director effective April 1, 2015.

Mr. Tobin is currently a Vice Chairman of BMO Capital Markets. He was named as an Officer of the Order of Canada in 2013 for his contribution to Canadian public policy. Mr. Tobin served as Federal Minister of Industry from October 2000 to January 2002, prior to which he served as the Premier of Newfoundland and Labrador from 1996 to 2000. Mr. Tobin served as a Member of Parliament from 1980 to 1996 and served as Minister of Fisheries and Oceans in the federal cabinet from 1993 to 1996. Mr. Tobin also serves as Lead Director and Vice Chairman of Aecon Group Inc. and Chairman of the Board of New Flyer Industries Inc.

Concurrent with these appointments, Steven Small and Michael D. Harris have announced their retirement from the Company's board of directors, having each served the Company as directors for the past five years. Mr. Harris will be retiring as of April 1, 2015 and Dr. Small will be retiring as of April 30, 2015.

"On behalf of Element's employees and shareholders, I want to thank Steven and Michael as founding directors for their exceptional long-standing service to the Company through a period of remarkable growth and development," said Mr. Hudson.

About Element Financial Corporation

With total assets of more than $11 billion, Element Financial Corporation is one of North America's leading equipment and vehicle finance companies. Element operates across North America in four verticals of the equipment finance market - Commercial & Vendor Finance, Aviation Finance, Railcar Finance and Fleet Management.

Contact Information