MONTREAL, QUEBEC--(Marketwired - March 1, 2017) - Velan Inc. ("Velan") (TSX:VLN) is pleased to announce the completion of its CEO succession plan with the appointment of Yves Leduc as CEO. Mr. Leduc was also elected to the board of directors of the company. Mr. Leduc who was hired in January 2015 as President has become the first non-Velan family member to lead the valve manufacturing company that was founded in 1950.
Mr. Tom Velan who has retired from his CEO position, will continue to serve as Chairman of the Board. Mr. Velan has worked for the company for 44 years, the last 14 years as the leader of the company. He has also served as a director for 40 years of which the last 20 years has been as a public company.
Bill Sheffield, the lead director, stated "The appointment of Yves Leduc as CEO is the culmination of a leadership transition and succession process that started in 2012. There has been excellent collaboration between the independent directors and the family member directors throughout the succession process. In particular Tom Velan has handled his transition out of day-to-day leadership in an exemplary way . We congratulate Yves on his new leadership role and welcome him as the eighth member of our board of directors".
Tom Velan, Chairman of the board and retiring CEO, stated "I think that an important role for me has been to transition the company from my father's leadership as CEO, founding entrepreneur and controlling shareholder to a company ready for the non-family leadership of Yves Leduc. My background in international sales and management of our overseas subsidiaries helped me to lead the growth of our global presence and to reach a peak sales of $501 million US dollars in fiscal 2013. The last few years have been very tough in energy markets and Yves inherited very challenging market conditions. I am very confident in Yves' leadership ability to maximize the potential for the Velan group of companies. Our family continues to own more than 70% of the shares and we have a deep commitment to the success of the company".
Yves Leduc, CEO and President, stated "In my first two years I have learned a lot about the valve industry and travelled with Tom to visit customers, suppliers, and plant locations around the world. Despite the turbulent industry environment, we have made the right moves to mitigate its effects and get ready to rebound once the market recovers. I am proud and privileged to succeed Tom as our company's new CEO and believe I am well prepared for the role, thanks to what has been a successful transition plan, and in particular, to Tom's invaluable counseling and to the support of both the Board and the Velan family. I am even more confident about the company's future than I was when I started and I am very motivated to work with all our employees, the management team, including three third generation Velans- Rob, Shane and Dan to achieve our ambitious goals."
Founded in 1950, Velan Inc. (www.velan.com) is one of the world's leading manufacturers of industrial valves, with sales of US$426.9 million in its last reported fiscal year. The Company has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
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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 quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.