Western Forest Products Inc. Announces President & CEO Don Demens' Planned Retirement
TSX: WEF
Board has commenced search for new President & CEO
VANCOUVER, BC, Feb. 1, 2022 /PRNewswire/ - Western Forest Products Inc. (TSX: WEF) ("Western" or the "Company") announced today that its President & CEO Don Demens has announced his intention to retire by March 31, 2023.
The Board of Directors has commenced a search for a new President & CEO. Mr. Demens will continue in his role as President & CEO until his replacement has been found to ensure a smooth transition and minimal disruption to Western's business during this time. He will also remain a member of the Company's Board of Directors until such time as the transition to his successor occurs.
"I am proud of what we have accomplished at Western," said Mr. Demens. "I am confident in the strength of Western's management team and am fully committed to ensuring a smooth transition to a new President & CEO who will continue to move Western forward as a leading wood products company."
"On behalf of the Board, I want to thank Don for his significant contributions to the Company over the past 13 years, including nine as CEO," said Michael Waites, Chair of the Board. "Don played a key role in transforming Western into a leading specialty softwood supplier in North America and furthering the Company's vital work around sustainability and First Nations reconciliation. Don's vision and dedication have financially repositioned Western which will help drive further growth and build long-term shareholder value in the years ahead. We are grateful for his continued commitment to providing leadership and support while we undertake the important work of selecting the Company's next President and CEO."
About Western Forest Products Inc.
Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.0 billion board feet from seven sawmills and four remanufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.
Forward-Looking Statements
This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as "will", "may", "intend", "ensure", "drive" and similar references to future periods. Although such statements reflect management's current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including a change in the Company's financial situation, general economic conditions and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2020 Annual Report dated February 18, 2021.
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SOURCE Western Forest Products Inc.
