Press release from CNW Group
Brick announces Bill Gregson to become Board Chairman; Vi Konkle President and CEO.
Thursday, April 07, 2011
Brick announces Bill Gregson to become Board Chairman; Vi Konkle President and CEO.21:27 EDT Thursday, April 07, 2011Thanks Ron D. Barbaro for his Service as Chairman of The Brick /NOT FOR DISTRIBUTION THROUGH U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./EDMONTON, April 7 /CNW/ - The Brick Ltd. (TSX: BRK) (the "Brick Group") today announced its succession plans for key positions at the Brick Group to take effect January 1, 2012. It is the intention of the Brick Group to appoint current President and Chief Executive Officer Bill Gregson to the position of Executive Chairman of the Board of Directors and current President, Business Support Vi Konkle to the position of President and Chief Executive Officer.After having served as Chairman of the Board of The Brick Group since its public offering in July 2004, Ron D. Barbaro has announced his intention to step down as Chairman of the Board of Directors of The Brick and its subsidiaries Trans Global Insurance Company and Trans Global Life Insurance Company effective December 31, 2011. "Ron has been a great asset to The Brick over the years", said Bill Gregson. "His experience and insight has been invaluable in making The Brick the leading furniture retailer in Canada." Mr. Barbaro will seek election as a Director at the Brick Group's Annual General Meeting on May 12, 2011 and intends to serve as Chairman until the end of 2011 and will continue to serve as Director."Fundamentally, what we continually strive to do is to make The Brick Canada's choice for buying furniture, mattresses, appliances and electronics," noted Mr. Barbaro.Current President and Chief Executive Officer of the Brick Group, Bill Gregson announced that he will continue as President and CEO until December 31, 2011. Chairman Ron D. Barbaro said "Bill has demonstrated real acumen and leadership in coming on board at The Brick and steering it in the right direction. His hands on experience at The Brick combined with his upcoming role will ensure that The Brick continues the path initiated since late 2009."Mr. Gregson, who currently serves on the Board of Directors of the Brick Group will assume the position of Executive Chairman effective January 1, 2012 upon the end of his employment contract. "I have really enjoyed my time at The Brick," said Mr. Gregson. "We have built a fantastic team, and I am thrilled to be continuing to contribute to The Brick in this new capacity." Mr. Gregson has served as President and CEO and on the Board of the Brick Group since he joined the Brick Group on July 10, 2009.Vi Konkle will assume the position of President and CEO on January 1, 2012, succeeding Mr. Gregson in the role, in accordance with the Brick Group's succession plan. "Since joining The Brick, Vi has demonstrated strong leadership and retail acumen and has had a major impact in her areas of responsibility." Mr. Gregson continued, "I am confident that she will lead the Brick team to continued growth, profitability and relevance to the Canadian customer." Since joining the Brick Group on February 3, 2010, Mrs. Konkle has held the position of President, Business Support. Prior to joining the Brick Group, Mrs. Konkle held a number of positions with Wal-Mart Canada, including Chief Operating Officer, and with Loblaw Companies Ltd.The Brick Group's succession plans are an expression of its intentions at this time and are subject to its corporate procedures including its election of Directors to the Board at its upcoming Annual General Meeting on May 12, 2011.About the Brick GroupThe Brick Group, together with its subsidiaries, is one of Canada's largest volume retailers of household furniture, mattresses, appliances and home electronics, operating under five banners: The Brick, United Furniture Warehouse, The Brick Superstore, The Brick Mattress Store, and Urban Brick. In addition, through its corporate sales division, the Brick Group services the subdivision, condominium, and high-rise builder market. The Brick Group's retail operations are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia, New Brunswick and Yukon.Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the Brick's consolidated sales and operating revenue, consolidated EBITDA, consolidated net loss, sales and operating revenue in the financial services and retail segments, same store sales growth and goodwill and indefinite life intangible asset impairment charges, the financial flexibility and capital resources necessary to manage the business in the current economic environment, and similar statements concerning anticipated future events, results, circumstances, performance or expectations, that reflect management's current expectations and are based on information currently available to management of the Brick and its subsidiaries. The words "may", "will", "should", "believe", "expect", "plan", "anticipate", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms, or other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters, identify forward-looking matters. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Brick to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. The Brick undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.www.thebrick.comFor further information: Bill Gregson Greg Nakonechny President and CEO Vice President, Legal and Corporate Secretary The Brick Group The Brick Group (780) 930-6300 (780) 930-6300 firstname.lastname@example.org email@example.com