Finning International Inc.

Finning International Inc.

March 03, 2008 09:30 ET

Finning Appoints Mike Waites as President and Chief Executive Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - Finning International Inc. ("Finning") (TSX:FTT) announces the appointment of Mr. Michael T. Waites as President and Chief Executive Officer of Finning International Inc. effective following the Annual General Meeting on May 6, 2008. Subject to shareholder approval, Mr. Waites will also join the Finning Board of Directors at that time.

After a highly successful career as President and CEO of Finning, Doug Whitehead has elected to retire. Subject to shareholder approval, Mr. Whitehead will remain on the Finning Board and will assume the position of Chairman. Conrad Pinette, current Chairman of the Board, will step down from that role. Subject to shareholder approval, Mr. Pinette will remain on the Board of Directors. In addition, the Finning Board will appoint a Lead Director at its May meeting.

"We are extremely pleased to appoint Mike as Finning's President and Chief Executive Officer," said Conrad Pinette, Chairman of the Board of Finning International Inc. "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."

"Clearly, I am very pleased to have been selected to take on this role," said Mike Waites. "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. Providing our customers with the best equipment and unmatched service is what Finning is all about and I intend that we continue to build on that successful base. In January Finning celebrated its 75th anniversary and I look forward to leading the company in the first portion of its next 75 years."

"After ten highly successful years with Finning, nine of which were as President and CEO, Doug has elected to retire," said Conrad Pinette. "Under Doug's leadership the company has gone through tremendous growth and shareholders have benefited significantly. On behalf of the Board of Directors I'd like to thank Doug for his vision, leadership and hard work in consistently producing excellent returns for shareholders and building an outstanding senior management team. I am pleased that Doug has agreed to remain on the Board of Directors and take on the Chairman's role. With this arrangement Finning will continue to have access to Doug's considerable experience and strong relationship with Caterpillar."

Mike Waites holds a B.A. and an M.A. in Economics as well as an MBA and has over 28 years of experience in senior management roles in the heavy equipment, transportation and oil and gas industries. For the past two years he has been Chief Financial Officer at Finning. Prior to that he held the dual roles of Chief Executive Officer U.S. Network and Chief Financial Officer of Canadian Pacific Railway. Previously, Mr. Waites was Chief Financial Officer at Chevron Canada Resources. He has also served previously as a member of the Board of Directors of Finning International Inc.

Finning International Inc. is the world's largest Caterpillar equipment dealer. The Company sells, rents and provides customer support services for Caterpillar equipment and engines in Western Canada, the U.K., and South America (Chile, Argentina, Bolivia and Uruguay). Headquartered in Vancouver, British Columbia, Canada, Finning International Inc. is a widely held, publicly traded corporation, listed on the Toronto Stock Exchange (symbol FTT). For additional information please visit our website at

This release may contain forward-looking statements and information, which reflect the current view of Finning International Inc. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and Finning's actual results of operations could differ materially from historical results or current expectations. Finning assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein do not materialize.

Refer to Finning's annual report, management information circular, annual information form and other filings with the Ontario Securities Commission and Toronto Stock Exchange for further information on risks and uncertainties that could cause actual results to differ materially from forward-looking statements contained in this report.

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