Chemtrade Announces Succession Plan
TORONTO, August 17, 2020 – Chemtrade Logistics Income Fund (TSX: CHE.UN) announced today that Mark Davis has informed the Board that he will retire as President and Chief Executive Officer (CEO) in 2021. Scott Rook, currently the Chief Operating Officer (COO), will replace Mr. Davis upon his retirement.
The Chair of the Chemtrade Board, Lorie Waisberg, said, “Mr. Davis was instrumental in forming Chemtrade in 2001 and has served as its President and CEO since that time. Under Mr. Davis’ leadership, Chemtrade has substantially grown its business portfolio and organizational capabilities and has returned over $1.1 Billion of capital to its unitholders.”
Mr. Waisberg noted that Mr. Rook joined the organization as COO in September 2019 as part of Chemtrade’s succession plan and has gained the full confidence of the Board.
Mr. Davis said, “I am extremely proud of the organization and business portfolio that my team built over the last 20 years. Recently, our resilience during the COVID pandemic has validated the strength of our culture and diversified businesses.”
Mr. Davis continued, “Since joining Chemtrade, Scott has demonstrated genuine leadership and deep knowledge of our businesses. I will be leaving Chemtrade in good hands.”
Scott Rook said, “I appreciate the confidence of the Board and Mr. Davis. The leadership team and I look forward to driving Chemtrade’s growth from a strong foundation.”
Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America’s largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, potassium chloride, sodium hydrosulphite and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements can be generally identified by the use of words such as “anticipate”, “continue”, “estimate”, “expect”, “expected”, “intend”, “may”, “will”, “project”, “plan”, “should”, “believe” and similar expressions. Specifically, forward-looking statements in this news release include statements respecting certain future expectations about: the CEO’s retirement, replacement and timing thereof. Forward-looking statements in this news release describe the expectations of the Fund and its subsidiaries as of the date hereof.
These statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation the risks and uncertainties detailed under the “RISK FACTORS” section of the Fund’s latest Annual Information Form and the “RISKS AND UNCERTAINTIES” section of the Fund’s most recent Management’s Discussion & Analysis.
Although the Fund believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon.
Except as required by law, the Fund does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.
Further information can be found in the disclosure documents filed by Chemtrade Logistics Income Fund with the securities regulatory authorities, available at www.sedar.com.
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For further information:
President & CEO
Tel: (416) 496-4176
Vice President, Finance & CFO
Tel: (416) 496-4177