Manitoba Telecom Services Inc. announces impending changes to Executive Team
WINNIPEG, MB, June 29, 2015 – (TSX: MBT) With the recent completion of its strategic review, Manitoba Telecom Services Inc. (“MTS Allstream” or the “Company”) today announced changes to simplify and realign its organizational structure to better fit the company’s go-forward strategy focused on a stand-alone MTS.
These changes also result from the retirement of Kelvin Shepherd, President of MTS, later this year and the departure of Wayne Demkey, Chief Financial Officer MTS Allstream on July 31, 2015.
“Having set the strategic direction for a customer-first MTS and an exit from Allstream, we recognized the opportunity to redesign our organizational structure to bring us closer to our customers, and more streamlined in our decision-making,” said Jay Forbes, Chief Executive Officer of MTS Allstream.
With the retirement of Kelvin Shepherd, Mr. Forbes will assume the responsibilities of President of MTS in addition to his CEO role.
“In light of the outcome of the recent Strategic Review process and given that Allstream is not strategic to the future of MTS and its shareholders, I have decided to use this as a logical time to retire,” said Shepherd. “I remain fully engaged in the business, continuing to focus on successful execution on the new strategic plans, and will work to ensure a seamless leadership transition to Jay.”
“Kelvin Shepherd has been an important part of the MTS family for 15 years during a time marked by significant change in the telecom industry,” said Forbes. “Under Kelvin’s leadership, MTS contributed so many firsts for Manitobans; MTS being the first telecom provider to launch TV in 2003, the first to roll-out LTE in Manitoba, the first in Canada to launch IPTV. We appreciate Kelvin’s contributions and his many years of service.” Shepherd will retire October 31.
With Mr. Demkey’s departure to pursue other interests, Mr. Paul Cadieux CA, CBV, will assume the role of Chief Financial Officer, effective July 31, 2015 after the completion of the second quarter reporting cycle. Demkey and Cadieux will work together closely to close out the second quarter and ensure a seamless transition of the CFO role. Cadieux joined the Company 18 years ago and has been a key contributor to MTS Allstream most recently as Vice President Finance, Procurement and Real Estate. “The Board and I are confident that Paul Cadieux will be a strong addition to our executive team,” said Forbes.
“We would like to thank Wayne for the sound financial stewardship of our organization over the past 19 years. Wayne has built a great team of finance professionals, including Paul, that will stand us in good stead in the future,” said Forbes. “We wish him all the best in his future pursuits.”
Following Jay Forbes’ commencement as the new CEO in January of 2015, both MTS and Allstream undertook in depth situational assessments and announced refreshed strategic plans in May. The Company continues to drive changes to the business and processes as set out in the refreshed strategic plans and will be providing an update on progress in our Q2 report. The Company will conduct its quarterly analyst call July 30, 2015 at 8:30 a.m. EST.
About Manitoba Telecom Services Inc. (MTS Allstream)
MTS Allstream (trading symbol: MBT) is one of Canada’s leading communications solutions companies. We provide full-service telecommunications support for residential and business customers in Manitoba through MTS, and IP communications through Allstream, the only national provider focused exclusively on the business telecommunications market. We are proud to be widely recognized for our leadership in corporate social responsibility and governance practices. For more information about the MTS Allstream group of companies, visit: www.mtsallstream.com.
Forward-looking Statements Disclaimer
This news release includes forward-looking statements and information (collectively, the “statements”) about the Company’s strategy, and the Company’s corporate direction, business opportunities, operations, financial objectives and future financial results and performance that are subject to risks, uncertainties and assumptions. Actual results in the future may differ materially from any conclusion, forecast or projection in such forward-looking statements. Therefore, forward-looking statements should be considered carefully and undue reliance should not be placed on them. Examples of statements that constitute forward-looking information may be identified by words such as “believe”, “expect”, “project”, “should”, “anticipate”, “could”, “target”, “forecast”, “intend”, “plan”, “outlook”, “see”, “set”, “pending”, and other similar terms.
Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters identified in the “Material assumptions” section and the “Risks and uncertainties” section of the Company’s 2014 Annual MD&A and 2014 Annual Information Form, both of which are available on SEDAR at www.sedar.com.
Please note that forward-looking statements reflect Management’s expectations as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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