Western Forest Products Inc.
TSX : WEF

Western Forest Products Inc.

October 28, 2014 14:27 ET

Western Forest Products Announces Senior Management Change

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 28, 2014) - Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") reports that its Chief Financial Officer (CFO), Brian Cairo, has announced his intention to step down from his position with the Company. Mr. Cairo will stay on in an advisory capacity until November 30, 2014 to ensure an orderly transition. The Board of Directors wishes to recognize Mr. Cairo and the outstanding contribution he has made during his eight years with Western.

Mr. Cairo was appointed to the position of CFO and Corporate Secretary in March 2010. Since joining Western in 2006, he has held a number of positions, including Senior Vice President of Finance. "I thank Brian for his dedication to Western," said Don Demens, President and Chief Executive Officer of Western. "He has been instrumental in the completion of Western's operational turnaround and the restoration of our balance sheet."

The Board of Directors is pleased to announce the appointment of Stephen (Steve) Williams to Senior Vice President, CFO, and Corporate Secretary, effective October 31, 2014. Mr. Williams has worked at Western since May 2014, assisting with the implementation of Western's strategic initiatives to improve operational efficiencies across the Company. Mr. Williams has more than 20 years of experience in the forestry industry, and previously served as the Vice President, Finance and Administration at Interfor Corporation. Mr. Williams is a Chartered Accountant.

"I look forward to working with Steve and his Finance team as we optimize our business to deliver long-term value for our shareholders," said Mr. Demens. "Western remains well-positioned to capitalize on improving markets as we move forward with our strategic capital plan."

Western Forest Products Inc.

Western is an integrated Canadian forest products company, and is the largest coastal British Columbia woodland operator and lumber producer. The Company has an annual available harvest of approximately 6.4 million cubic metres of timber, of which approximately 6.2 million cubic metres is from Crown lands. Western has a lumber capacity in excess of 1.1 billion board feet from eight sawmills and two remanufacturing plants. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, and value-added remanufacturing. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia, while its products are sold in more than 25 countries worldwide.

Forward-Looking Statements and Information

This press release contains statements which constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Those statements and information appear in a number of places in this document and include statements and information regarding our current intent, belief or expectations primarily with respect to market and general economic conditions, future costs, expenditures, available harvest levels and our future operating performance, objectives and strategies. Such statements and information may be indicated by words such as "estimate", "expect", "anticipate", "plan", "intend", "believe", "should", "may" and similar words and phrases. Readers are cautioned that it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, and that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include, among others: general economic conditions, competition and selling prices, changes in foreign currency exchange rates, labour disruptions, natural disasters, relations with First Nations groups, changes in laws, regulations or public policy, misjudgments in the course of preparing forward-looking statements or information, changes in opportunities and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2013 Annual Report dated February 20, 2014. All written and oral forward-looking statements or information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as required by law, Western does not expect to update forward-looking statements or information as conditions change.

Contact Information

  • Western Forest Products Inc.
    Amy Spencer
    Director of Communications and Government Relations
    (604) 317-4150