Heroux-Devtek Announces Executive Changes
The Board of Directors of Heroux-Devtek Inc. (TSX:HRX.TO), ("Heroux-Devtek" or the "Corporation"), is pleased to announce the following changes to its Board of Directors and Senior Management. The changes will be effective June 1, 2019, as the company enters a new phase of growth.
Board of Directors: Appointment of Gilles Labbe, as Executive Chairman of the Board
"Gilles is a true entrepreneur and pioneer. Under his direction, Heroux-Devtek has grown to become the third largest manufacturer of landing gear systems in the world. On behalf of the Board of Directors and the employees of Heroux-Devtek, I would like to thank him for his leadership and dedication and congratulate him for his many great accomplishments," said Mr. Brian A. Robbins, Chairman of the Board of Heroux-Devtek. "We are pleased that Gilles will actively pursue his journey as Executive Chairman of the Board of Directors, where he will continue to support our business development activities while working closely with and supporting his successor, Mr. Brassard, to ensure a seamless transition into the role of President and Chief Executive Officer of Heroux-Devtek," added Mr. Robbins.
Senior Management: Appointment of Martin Brassard, as President and Chief Executive Officer ("President and CEO")
"Heroux-Devtek is also pleased to announce the nomination of Martin Brassard as President and CEO. During his 25 years with the Corporation, Martin has taken on continuously increasing responsibilities and has always delivered great results. He has demonstrated strong management and leadership skills and gained comprehensive knowledge of our business sector and its strategic interests. He has also developed solid relationships with our employees, our customers and numerous partners while playing a pivotal role in developing our strategy and winning and delivering on long-term contracts, most notably for the Boeing 777 and 777x programs. Our Board of Directors is entirely confident that his extensive relationships with all stakeholders, his dedication and deep knowledge of our business' entire value chain uniquely qualify him to step into the role of CEO," said Mr. Gilles Labbe. "I am very proud of my team. They are resilient and dedicated, and Martin is the right leader to drive our continued success," added Mr. Labbe.
"Now, it's time for my journey with Heroux-Devtek to evolve and continue from a new perspective. As Executive Chairman of the Board, I remain fully committed to working with Martin on elaborating our strategic plan, developing our network and expanding Heroux-Devtek's reach in the global aerospace industry," added Gilles Labbe.
"I am grateful to Gilles and the Directors of the Corporation for their confidence and guidance during my 25-year career at Heroux-Devtek. With their support, I have been privileged to lead our operations as we transformed our business over the years with the result of being today the world's third largest landing gear manufacturer. As I step into this exciting new role, I intend to continue growing our company as an enviable and dependable leader in the industry as well as working hand in hand with our exceptional group of employees and seasoned executives. By leveraging our talent, we will grow our global customer base and expand our portfolio of products and services. I am highly confident that we will continue to increase shareholder value," said Martin Brassard, Executive Vice President, Chief Operating Officer of Heroux-Devtek. "Lastly, I would like to thank all the employees of the Company for their constant support and I am certain that I can continue to count on their dedication and commitment to make our company stronger."
Board of Directors: Appointment of Brian A. Robbins, as Lead Director
Brian A. Robbins, currently Chairman of the Board, will become Lead Director, effective June 1, 2019. Brian A. Robbins has been a Director of Heroux-Devtek since 2000 and his contribution has been exceptional.
About Martin Brassard
Martin Brassard joined the Corporation in 1994 and throughout the years has held several key roles. Starting as a Divisional Controller, he participated in the restructuring of the Longueuil Plant and the implementation of the ERP systems. He was appointed Vice President Control and Information Technology in 1999; over the next six years he actively participated in several successful acquisitions. His appointment in June 2005 as Vice President and General Manager of the Landing Gear Division led him to effectively manage that division for the next nine years. In 2014, he was promoted to Vice President and Chief Operating Officer; under his leadership the Landing Gear Division grew significantly. Mr. Brassard holds a Bachelor of Commerce from Universite du Quebec a Trois-Rivieres (1988).
Heroux-Devtek Inc. (TSX:HRX.TO) is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical flight control actuators, custom ball screws and fracture-critical components for the Aerospace market. The Corporation is the third largest landing gear company worldwide, supplying both the commercial and defence sectors. Approximately 90% of the Corporation's sales are outside of Canada, including about 50% in the United States. The Corporation's head office is located in Longueuil, Quebec with facilities in the Greater Montreal area (Longueuil, Laval and St-Hubert); Kitchener, Cambridge and Toronto, Ontario; Springfield and Strongsville, Ohio; Wichita, Kansas; Everett, Washington; Livonia, Michigan; Runcorn, Nottingham and Bolton, United Kingdom; and Madrid and Seville, Spain.
Heroux-Devtek Inc. Investor Relations Stephane Arsenault Danielle Ste-Marie Vice President and Chief Financial Officer Ste-Marie Strategy & Communications Inc. Tel.: (450) 679-3330 Mobile : (514) 465-6701 IR@heroux-devtek.com