Chorus Aviation announces new executive appointments to support growth and diversification
Aug 12, 2015
HALIFAX, Aug. 12, 2015 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR.B CHR.A) today announced new executive appointments to strengthen the organization in support of its growth and diversification plans. The executive appointments are effective October 1, 2015, allowing for a period of transition. Full biographies are provided on the companies' websites (www.chorusaviation.ca and www.flyjazz.ca ).
"The establishment of this new organizational structure will provide the dedicated focus required to strengthen Chorus' subsidiaries and further support our objectives to grow the company and deliver additional shareholder value," said Joseph Randell, President and Chief Executive Officer, Chorus. "We have made significant advancements to increase shareholder returns with the achievement of our new long-term commercial agreement with Air Canada, the acquisition of Voyageur Airways, the growth in our aircraft leasing portfolio, and our cost reduction efforts. We have secured a strong foundation from which to expand our business and diversify our revenue streams."
"These changes allow us to make further progress in becoming a more formidable competitor in the regional aviation sector," continue Mr. Randell. "Colin, Jolene, Rick and their teams share my vision for Chorus; this new organizational structure provides the concentrated focus we need to realize it. By maintaining the continuity of our core senior executive team we will draw on their collective expertise and knowledge of this industry with a seamless transition."
Richard ('Rick') Flynn – appointed Executive Vice President and Chief Corporate Development Officer, Chorus
Rick has been Chief Financial Officer of Chorus since 2011 and his career in the aviation industry spans more than 29 years. His experience ranged from finance, managing operational divisions and various administrative functions including sales and marketing, and business development. In this new role, Rick's focus will be to develop and execute on strategic plans through: growth initiatives that diversify the current group of Chorus subsidiaries; acquisitions in strategic areas that leverage Chorus' expertise; and establish and manage relationships with strategic partners in identified growth areas. Chorus' aircraft leasing arm will be a primary focus at the outset. Chorus currently leases 21 aircraft under its commercial agreement with Air Canada and this is projected to reach a minimum of 53 aircraft by 2020 with potential to grow. Such a platform offers the opportunity to position and leverage Chorus' aircraft leasing arm into a significant player in the regional aircraft leasing sector.
Jolene Mahody – appointed Executive Vice President and Chief Financial Officer, Chorus
Jolene has been the Chief Operating Officer of Chorus subsidiary Jazz Aviation LP ('Jazz') since 2009 and has held several executive administrative and operational positions over her 20 year career in the aviation industry. Jolene's experiences as Senior Vice President, Operations Support; Vice President Corporate Strategy; Director, Finance; Director Commercial and Resource Planning; and Director, Six Sigma all contributed to the strategic growth and transformation of Jazz. Jolene is a Fellowship Chartered Professional Accountant (FCPA, FCA). Jolene will be focused on working with capital markets and creating additional shareholder value from the Chorus group of companies. Jolene replaces Rick Flynn as Chief Financial Officer.
Colin Copp – appointed President, Jazz Aviation LP
Colin has been the Chief Administrative Officer at Jazz since 2009 and has 26 years' experience in the industry. He has significant experience in both the operations and administrative side of the business, and has been a major contributor to the transformation of Jazz. Jazz's primary focus is to continue to build upon the progress made in its relationship with Air Canada. Colin replaces Joseph Randell as President of Jazz, and will report to Mr. Randell.
Forward Looking Statements
Certain statements in this news release may contain statements which are forward-looking. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions.
Forward-looking statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking statements, by their nature, are based on assumptions, including those described below, and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, risks relating to Chorus' relationship with Air Canada, the airline industry, airline leasing, energy prices, general industry, market, credit, and economic conditions, (including a severe and prolonged economic downturn which could result in reduced payments under the amended CPA), competition, insurance issues and costs, supply issues, war, terrorist attacks, aircraft incidents, epidemic diseases, environmental factors, acts of God, changes in demand due to the seasonal nature of the business, the ability of Chorus to reduce operating costs and employee counts, the ability of Chorus to secure financing, employee relations, labour negotiations or disputes, pension issues, currency exchange and interest rates, leverage and restructure covenants in future indebtedness, uncertainty of dividend payments, managing growth, changes in laws, adverse regulatory developments or proceedings, pending and future litigation and actions by third parties. The forward-looking statements contained in this discussion represent Chorus' expectations as of August 12, 2015, and are subject to change after such date. However, Chorus 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 under applicable securities regulations.
Chorus is traded on the Toronto Stock Exchange under the trading symbols of CHR.A and CHR.B.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010 and is a dividend-paying holding company with various interests including Jazz Aviation Holdings Inc. and Chorus Aviation Holdings II Inc.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Teri Udle, Halifax, Nova Scotia (902) 873-5047 firstname.lastname@example.org; Debra Williams Toronto, Ontario, (905) 671-7769 email@example.com; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia (902) 873-5094 firstname.lastname@example.org