Kevin Lynch has announced he will step down as SNC-Lavalin Chairman of the Board
MONTREAL, May 5, 2020 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) today announces that Kevin Lynch has informed the Board of Directors of SNC Lavalin of his intention to step down as Chairman of the Board following the Annual General Meeting (AGM), once a successor has been chosen by the Board. The process for choosing Mr. Lynch's replacement will be led by the Governance and Ethics Committee of the Board and Mr. Lynch has requested that it be completed no later than September 2020.
Following the 2019 AGM, with many challenges facing SNC-Lavalin, the focus of the Board of Directors has been on the Company's renewal: its leadership, strategic direction, legal operating environment and governance. ''During the last 12 months, we have made significant progress in each of these shareholder priorities,'' added Mr. Lynch.
- The senior management team has been renewed, beginning with the appointment of Ian L. Edwards as President and CEO, and now including new leadership in many parts of the company.
- The strategic direction has been transformed, focusing on high-value engineering services and exiting lump-sum turnkey construction contracts as well as considering divestitures of non-core activities and geographies.
- The legal operating environment facing the company has been totally altered, with the settlement of the federal charges in December 2019.
- The Board of Directors is being renewed, with four new directors possessing a broad range of operational skills and experiences agreeing to be nominated, and four existing directors retiring.
''Having completed this key phase of the renewal of SNC-Lavalin, which has taken enormous efforts on the part of both the Board and senior management, and consumed much of my time as Chair, I believe the next stage in our renewal path is a total focus on the implementation of our new strategic direction, and in doing so, building a world leading engineering services firm headquartered in Canada,'' stated Mr. Lynch.
''This shift should include a new Chair to help guide the implementation of the Company's new direction during the coming years, a time when experience in business transformation and operations will be valuable. The recent turbulence and uncertainty in the global economy because of the COVID-19 pandemic, and the need for the company to navigate its strategic transformation through this unprecedented situation, has reinforced in my mind that moving early in this transition is most appropriate,'' added Mr. Lynch.
"I believe in the potential and importance of SNC-Lavalin as an innovative, global engineering services company, based in Montreal, with operations spanning the globe. I have been pleased to be able to contribute to the renewal of this century-old Canadian icon at such a pivotal moment in its history, and I have deeply appreciated working with such dedicated SNC-Lavalin colleagues from the Board, management and staff," Kevin Lynch added.
Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world. SNC-Lavalin connects people, technology and data to help shape and deliver world-leading concepts and projects, while offering comprehensive innovative solutions across the asset lifecycle. Our expertise is wide-ranging — consulting & advisory, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and sustaining capital – and delivered to clients in four strategic sectors: EDPM (engineering, design and project management), Infrastructure, Nuclear and Resources, supported by Capital. People. Drive. Results. www.snclavalin.com
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