TORONTO, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Shawcor Ltd., dba Mattr Infratech ("Mattr" or the "Company") (TSX: MATR) announced today that Derek Blackwood has decided to retire after 14 years of service as an independent director, including 3 years as board chair, and will not seek re-election at the Company's 2024 Annual General Meeting. The Company's board of directors have unanimously selected Kevin Nugent as Mattr's new board chair. Mr. Nugent will assume this role effective December 1, 2023 and Mr. Blackwood will remain as a director of the Company until his retirement on May 14, 2024. Consistent with the Company's succession practice, Mr. Blackwood will engage in a robust transition process with Mr. Nugent to enable a seamless transfer of responsibilities.
"Over the past three years the Company has moved through a substantial transformation, from a company largely known as a pipeline products and services provider, to a company now known for delivering high-value products in support of critical infrastructure expansion and renewal," said Mr. Blackwood. "With this transformation substantially complete, and the Company's rebrand from Shawcor to Mattr successfully executed, this is the right moment for me to step down as board chair and to retire at the next Annual General Meeting. I am thrilled to see Kevin Nugent take the helm of Mattr's board and have full confidence that under his stewardship, our board will continue to demonstrate best-in-class governance and, most importantly, robust support for Mike Reeves, our CEO, and his leadership team as they drive the Company to even greater success."
Mr. Nugent commented "It's an honor to be selected as board chair, particularly at such an exciting moment in the Company's history. On behalf of the board, I thank Derek for his many years of service and for his thoughtful and inclusive leadership." Mr. Nugent continued, "I am very much looking forward to working with my fellow directors, with Mike and with the broader Company leadership team to deliver long-term value creation for all stakeholders."
Mike Reeves, President and CEO, said "Derek's counsel, support and leadership have been crucial to the recent success of Mattr, and the entire organization wishes him the very best as he transitions and ultimately retires. I am excited to work even more closely with Kevin in his new role. He and I have built a strong, transparent relationship over the last two years and are fully aligned on the Company's strategic direction."
Mr. Nugent is an independent businessperson and has been a corporate director since 2007, holding numerous director roles in a variety of public and private companies, non-profit and governmental organizations. Mr. Nugent is also a Chartered Professional Accountant, with over 35 years of broad-based management experience. Mr. Nugent holds a Bachelor of Management from the University of Lethbridge and a Chartered Professional Accountant, CA (honors) designation from the Institute of Chartered Professional Accountants of Alberta. In addition to his role on the board of Mattr, Mr. Nugent currently serves as a director of the Banff Sport Medicine Foundation in addition to several private companies.
About Mattr
Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including electrification, transportation, communication, water management and energy. Its two business segments, Composite Technologies and Connection Technologies, operate a global network of manufacturing and technology centers, delivering differentiated, high-value products which enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.
For further information, please contact:
Meghan MacEachern
Director, External Communications & ESG
Telephone: 437.341.1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.
Source: Shawcor Ltd., dba Mattr Infratech
