Press release from Marketwire
Uni-Select Announces a Change in the Leadership of its US Automotive Operations as Well as Measures to Improve its Performance
Tuesday, April 16, 2013
Uni-Select Announces a Change in the Leadership of its US Automotive Operations as Well as Measures to Improve its Performance16:30 EDT Tuesday, April 16, 2013
BOUCHERVILLE, QUÉBEC--(Marketwired - April 16, 2013) - Uni-Select Inc. (TSX:UNS) announces that Mr. William E. Alexander is leaving his position as President and Chief Operating Officer, US Automotive, effective today. As a consequence, Uni-Select is launching a recruitment process for the appointment of a new Chief Operating Officer for its US Automotive activities.
Meanwhile, and until the recruitment process is completed, Mr. Dennis Welvaert will be acting President and Chief Operating Officer, US Automotive. Mr. Welvaert retired as President of Dayco North American Aftermarket Division in 2011. He is Chairman of the Global Automotive Aftermarket Symposium and is former Chairman of the Automotive Aftermarket Suppliers Association (AASA). While with Dayco, Mr. Welvaert held senior executive-level positions in the OEM, industrial and aftermarket divisions. He has more than 40 years of experience in the automotive industry.
Given the declining performance of its United States automotive parts distribution activities over the last few quarters, and the good results delivered by its Canadian operations as well as its US paint and related products, Management together with the Board of Directors have concluded that a formal review of strategic alternatives centered on its US automotive operations is the appropriate next step. This process is aimed at unlocking additional value for shareholders. RBC Capital Markets has been retained to assist Management in conducting this review.
It should be noted that in 2012 the Corporation has initiated a renewal process of its Board of Directors. Two new directors joined the Board while three directors left in the past year. Furthermore, subject to shareholder approval at the upcoming Annual Meeting of Shareholders, three new independent directors are expected to join the Board while two directors are retiring, resulting in 50% of new directors since the renewal process has been initiated.
"With the help of our advisors and the support of our Board, we will leverage our assets, our expertise and our capabilities in the United States to generate the best value, creating opportunities available for the benefit of all our shareholders, employees, customers and suppliers" says Richard G. Roy, President and CEO of Uni-Select.
"In the meantime, we will maintain our objectives of pursuing our optimization plan and the reduction of expenses, reducing the level of indebtedness and achieving our sales strategy to diversify and increase market share" added Mr. Roy.
Uni-Select has not established a definitive timeline to complete its review and will be assessing all available alternatives within the next few months. The Corporation does not intend to further comment regarding the evaluation of strategic alternatives, unless otherwise determined or required by law.
Annual Meeting of Shareholders and 2013 First Quarter Results
Uni-Select will hold its Annual Meeting of Shareholders on May 1, 2013 at 1:30 p.m. at the Omni Mount-Royal Hotel, Salon des Saisons, 1050 Sherbrooke West, Montréal, Québec. To listen to the meeting on the web, please access Uni‐Select's website at www.uniselect.com.
Uni-Select will release its 2013 First Quarter results on May 1, 2013 and will host a conference call to discuss the results at 4 p.m. To join the conference, dial 1 866 696-5910 followed by 8567461.
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools and accessories for motor vehicles in North America. Leader in the Canadian industry, Uni-Select is the 6th largest distributor in the United States and the leader independent distributor of automotive paint and related products in the country. With its 6,100 employees, Uni-Select efficiently services a wide network of independent installers and wholesalers, including over 6,200 that operate under one of its banner programs in North America. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
The information provided in this press release includes some forward-looking information, which includes certain risks and uncertainties, including risks relating to the outcome of the strategic review process, which may cause the final results to be significantly different from those listed or implied within this news release. There can be no assurance that the review of available strategic alternatives will result in any transaction. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations and Communications Manager