Finning International Announces Leadership Changes

VANCOUVER, British Columbia, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Finning International Inc. (TSX:FTT) today announced that Steve Nielsen, Executive Vice President and Chief Financial Officer of Finning International, will retire as of March 31, 2020. Greg Palaschuk, currently Senior Vice President of Commercial & Financial Performance Management for Finning Canada, will step into the position of CFO of Finning International beginning March 1, 2020 and will report to the President and Chief Executive Officer, Scott Thomson. Following Greg’s appointment, Steve will provide transitional support to Greg and work to move global supply chain responsibility to a new global leader.

Steve Nielsen joined Finning International as EVP and CFO in March of 2015. Prior to joining Finning, Steve was EVP and CFO for Univar and before that served in senior executive positions with Sprint.

“We have been extremely fortunate to have had Steve’s guidance as we navigated a volatile and unpredictable economic environment during the past five years,” said Scott Thomson, President and CEO of Finning International. “He has provided stability, thoughtful direction and sage advice and was a catalyzing force for the necessary change within our organization related to cost control and efficiency, while not sacrificing our customer focus or impacting company culture. I cannot thank him enough for his commitment to Finning, and we wish him the very best as he enjoys his well-deserved retirement.”

As SVP Commercial & Financial Performance Management for Finning Canada, Greg Palaschuk has provided guidance to the business on decreasing costs, increasing efficiency and transforming the company to a mid-cycle structure. Greg has also worked in several roles across the global company, including Vice President, Treasurer for Finning International, and Finance Director for Finning UK & Ireland from 2015 to 2017 where he helped lead a digitally-enabled cost to serve transformation. Prior to Finning, Greg worked at Goldman, Sachs & Co. as Vice President, Natural Resources Investment Banking, in Calgary and New York.

“When we were considering successors for the CFO role, Greg was a natural fit, not only because he has worked in various financial and business leadership roles across the company but also because he has a strong understanding of the market dynamics we face,” said Thomson. “Greg demonstrates the tenacity needed to ensure we continue to drive our innovation agenda and connects exceptionally well with both our key external stakeholders and our employees. I am pleased to have Greg as part of the leadership team as we continue to evolve the Finning of the future.”

ABOUT FINNING:
Finning International Inc. is the world’s largest Caterpillar equipment dealer delivering unrivalled service to customers for 85 years. Finning sells, rents and provides parts and service for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, the United Kingdom and Ireland.