VELAN Inc.
TSX : VLN

VELAN Inc.

May 19, 2015 16:36 ET

Velan Announces the Appointment of New Chairman of the Board, Chairman Emeritus, and Lead Director

MONTREAL, QUEBEC--(Marketwired - May 19, 2015) - Velan Inc.("Velan") (TSX:VLN) announced today that Mr. A.K. Velan is retiring as Executive Chairman of the Board of Directors after 65 years of devoted service to the company. He has been appointed to the honorary position of Founder and Chairman Emeritus. Mr. Tom Velan is appointed Chairman of the Board and CEO, and Mr. William Sheffield is appointed to the new position of Lead Director. These appointments are effective May 19, 2015.

Tom Velan, Chairman and CEO stated "A.K. Velan is retiring as Executive Chairman after founding the company in 1950 and dedicating his life to building Velan into one of the world's leading valve companies. On behalf of the Board and our 2060 employees in eleven countries, I wish to express our thanks for his great entrepreneurial spirit, passion, and enthusiasm. Velan would not be what it is today without his vision and leadership."

Mr. Sheffield, Chair of the Corporate Governance and Human Resources Committee stated: "Mr. Tom Velan has been leading the company since he became President in 2003 so it is a natural progression that he becomes Chairman of the Board and CEO at a time when the company recently hired Yves Leduc as the first President who is not a member of the Velan family. The independent directors fully support the choice of Tom as our new Chairman of the Board.

A.K. Velan said "I am very proud of the company that I created and what has been accomplished over the last 65 years. As I retire from being the Executive Chairman, I am glad that my son Tom who succeeded me as CEO will now also succeed me as Chairman. I came to Canada in 1949 as an immigrant with my wife and two sons. Now the family has grown and I have three sons, twelve grandchildren and fifteen great grandchildren and ever since I created the company I have always thought of Velan Inc. as one of my children. I am proud to see how it has grown and matured over the years and I am glad that it will continue to be in good hands."

Tom Velan, Chairman and CEO stated: "We have a strong and very capable Board and Mr. Sheffield is the right person to assume the role of lead director. Mr. Sheffield has all the necessary skills, expertise and experience as well as independence and sound mature judgment to qualify him to step into this role. He is also very well respected by his fellow directors and he will take on greater Board responsibility while I am both Chairman and CEO".

About Velan: Velan Inc. (www.velan.com) is a world-leading manufacturer of industrial valves with sales of U.S. $455.7 million in its last reported fiscal year. The Company employs over 2,000 people and has manufacturing plants in 11 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in foreign currency conversion rates and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

T.C. Velan

Chairman and CEO

Contact Information

  • VELAN Inc.
    Tom Velan
    President & CEO
    (514) 748-7743
    (514) 748-8635 (FAX)

    VELAN Inc.
    John D. Ball
    Chief Financial Officer
    (514) 748-7743
    (514) 748-8635 (FAX)
    www.velan.com