IBI Group announces appointment of new CEO
DateAugust 9, 2013
TORONTO – The Board of Directors (the “Board”) of IBI Group Inc. (the “Company”) (TSX: IBG) have announced the appointment of Scott Stewart as Chief Executive Officer of the Company. Scott Stewart formerly served with David Thom as Co-Presidents. David Thom will continue on in the role of President.
Allen Karp, Q.C. Chairman of IBI Group Inc., said, “The Board and IBI Group agreed that it is an appropriate time to implement the succession plan of the senior leadership of the business and that Scott Stewart and David Thom have the experience, business acumen, and the nuanced understanding of the company necessary to lead the Company as CEO and President respectively. Our company is comprised of a unique and exceptional set of individuals and practice areas that made internal candidates a logical and desired choice. Scott Stewart and David Thom have the full confidence of the Board and IBI Group to lead the company in the years ahead.”
Phil Beinhaker, a founder of IBI Group, and CEO of IBI Group Inc. since 2004, will continue on the Board of IBI Group Inc. and as a Senior Director of the IBI Group Management Partnership. Phil Beinhaker will also provide leadership in important areas of the professional practice and major projects, in addition to providing advice and support to Scott Stewart and David Thom as they assume their new responsibilities.
Phil Beinhaker stated, “It’s been my pleasure to lead IBI Group since its founding in 1974 and to serve as the Company’s CEO. Our industry and our Company have seen many challenges over the past five years. We have taken some very difficult steps that are yielding results that now make it an appropriate time to take the next step in the orderly succession to a new generation of leaders. IBI Group is a collection of exceptionally talented individuals, and I am very pleased that two of those individuals, Scott Stewart and David Thom, with whom I have worked with for many years, will lead the Company through the next phase of its evolution.”
Allen Karp, Q.C. said “Phil Beinhaker has provided inspirational leadership to our employees, grown and expanded the Company from 30 staff in 1974 to a company 90 times that size, into new practice areas and markets, instilled confidence in our clients and provided able stewardship for many years. We look forward to continuing to benefit from Phil Beinhaker’s contributions in his new capacity.”
The appointment of Scott Stewart as CEO is effective immediately. The Board anticipates that Scott Stewart and David Thom will continue to work closely together to advance and implement the Company’s Recovery Program. Their knowledge of the Company’s constituent practice areas and professionals will prove vital in efforts to enhance integration and productivity, across the enterprise.
Biographies of Scott Stewart and David Thom
In addition to Scott Stewart’s role as CEO of the Company, he is a member of the Board of IBI Group Inc. and Executive Managing Director of IBI Group Management Partnership with overall responsible for Transportation and Systems. He has been a Director since 1983. Scott, an engineer by profession, has led major transport and systems projects around the world. Scott Stewart is also active in public/private partnerships and private financing initiatives and has been an active member of various organisations including the Board of the Transportation Association of Canada and Past Chair for ITS Canada, a not-for-profit organisation focussed on technology applications in transportation.
In addition to his duties as President of the Company, David Thom is a member of the Board of IBI Group Inc. and the Executive Managing Director Urban Land and Building Facilities. He has been a Director of IBI Group since 1979. An architect by profession, David Thom specializes in the planning and design of complex projects integrating the various disciplines within IBI, including transportation, planning, and architecture. He has had senior responsibility for many major urban development projects across Canada, in the USA, and internationally including public/private partnerships and private finance initiatives.
Caution Regarding Forward-Looking Information
Statements contained in this news release which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. This forward looking information includes, or may be based upon, estimates, forecasts, guidance, and statements as to management’s expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. A number of factors could cause actual results to differ materially from those in forward-looking statements, including general economic, market or business conditions and the factors discussed in the Company’s Annual Information Form filed with the Canadian securities regulatory authorities. Undue reliance should not be placed on these statements, which only apply as of the date of this news release. The Company undertakes no obligation to update or revise any forward- looking statement, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
For further information, please contact:
Shareholders & Analysts:
Tony Long, CFO
IBI Group Inc.
230 Richmond Street West, 5th Floor
Toronto, ON M5V 1V6
Bayfield Strategy, Inc.