VELAN Inc.
TSX : VLN

VELAN Inc.

April 27, 2011 13:01 ET

Velan Announces the Appointment of a New CEO and a New Chairman

MONTRÉAL, CANADA--(Marketwire - April 27, 2011) - Velan Inc.(TSX:VLN) is pleased to announce that Tom Velan, President has been appointed President and CEO of Velan Inc. succeeding his father, A.K. Velan, Founder and CEO, who has been appointed Chairman of the Board. Ivan Velan, who previously held the position of the Chairman of the Board, will continue in his senior management position as Executive Vice-President as well as continuing to serve on the Board of Directors.

Gabor Jelinek, Chairman of the Corporate Governance and Human Resources Committee stated "Succession planning has been an important priority for the Board and we started the orderly transition when Tom Velan was appointed President back in 2003. We fully support this next step with A.K. Velan becoming Chairman of the Board and Tom Velan becoming President and Chief Executive Officer".

Tom Velan has been with the company for 38 years and has been President for the last 8 years. Before becoming President, he was in charge of international sales and overseas operations. He will continue to lead a very experienced team of executives. Tom Velan stated "We celebrated our 60th anniversary last year and my father has been the chief executive since he founded the company. It is amazing that he has been able to maintain his great enthusiasm and passion for the company and the valve business for so many years. He has helped us build a strong foundation for the future and we are fortunate to have a very talented management team, experienced staff, highly skilled workers, excellent products, world class manufacturing facilities, a strong balance sheet, and a very solid reputation as one of the world's leading valve brands. We are working hard to implement our strategic plan and grow profitably going forward."

A.K. Velan, who founded the company in 1950, said "I am very proud of what we have accomplished over the last 60 years and I am glad that my son Tom will now become CEO of the company. I will now concentrate my efforts on being Chairman of the Board and helping out where I can best contribute to the success of the company, especially in Engineering, Research and Development and innovations of our products.. I have three sons, twelve grandchildren and twelve great grandchildren and since founding 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."

The Board of Directors has issued the following statement: "A.K. Velan is truly a legendary businessman and iconic leader. He founded Velan Inc. 60 years ago and under his direction and vision, the Corporation has grown to be one of the world's leading valve companies. Mr. Velan has imbued the Corporation with his innovative and entrepreneurial spirit."

About Velan:

Velan Inc. is a world leading manufacturer of industrial valves with sales of Cnd. $466 million in its last reported fiscal year. The company employs 1769 people and has manufacturing plants in eight countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Contact Information

  • VELAN Inc.
    Tom Velan
    President
    514-748-7743
    514-748-8635

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