OTTAWA, ON--(Marketwired - July 15, 2016) - Brian Aitken, Executive Vice President, Finance and Chief Financial Officer, has announced his intention to retire toward the end of November 2016, following a successful 42-year career in corporate finance and public accounting, including the last 14 years at NAV CANADA.
"Brian has been a tremendous steward of the assets of Canada's Air Navigation System," said Neil Wilson, President & CEO. "His business and financial leadership through turbulent times has been exemplary."
NAV CANADA has achieved an enviable record of cost control, reflected in rates to customers that have declined three times over the past 12 years and that are among the lowest compared to other Air Navigation Service Providers (ANSPs) worldwide. All the while, the Company has maintained its high-quality "AA" credit ratings; transitioned its financial reporting to International Financial Reporting Standards (IFRS); upgraded its customer billing system; and steered its employee pension plan through the twin challenges of market volatility and needed restructuring to ensure sustainability.
"Building and maintaining a strong financial foundation is essential to this Company's ability to deliver safe and efficient air navigation services while meeting our commitments to all key stakeholders," said Aitken. "We have done this and much more, and the credit must go to all the employees of NAV CANADA, and to the very competent and dedicated men and women with whom I have worked."
Brian Aitken joined NAV CANADA in 2002 as Senior Director, Finance, and was appointed Assistant Vice President, Finance in 2007. In August 2008, he was named Vice President, Finance, CFO and Treasurer, responsible for providing executive leadership to the Finance function of NAV CANADA and for the management of financial resources and risks, while ensuring the effective, efficient administration of financial information and reporting systems for the Company and its pension plans. He also became responsible for all treasury matters and investor relations. He was appointed to his present position in 2012.
Prior to his time at NAV CANADA, Aitken held senior financial positions with several major Canadian companies including Domtar Inc., E.B. Eddy Forest Products Ltd., Calian Technology Ltd. and Alcan Aluminium Limited. He holds a Bachelor of Commerce (Joint Honours in Economics and Accounting) from McGill University, and is a member of the Institute of Chartered Professional Accountants of Ontario and the Financial Executives Institute.
"The Company has initiated a process to determine the appropriate CFO succession, and the results will be announced in due course," said Wilson.
NAV CANADA is the country's private sector civil air navigation service provider. With operations from coast to coast to coast, NAV CANADA provides air traffic control, flight information, weather briefings, aeronautical information services, airport advisory services and electronic aids to navigation.