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Finning Names Waites New CEO

Vancouver, British Columbia — Finning International last month named Michael Waites president and CEO of Finning International effective following Finning's annual general meeting May 6. Subject to shareholder approval, Waites will also join Finning's board of directors at that time.

Current president and CEO Doug Whitehead has elected to retire and, subject to shareholder approval, will remain on the company's board and be named chairman. Conrad Pinette will step down as chairman and remain on the board. Finning will also name a lead director at its May meeting.

“Following an extensive search that evaluated internal and external candidates, we believe we have found the very best individual to take on this role,” said Pinette of Waites' appointment. “Mike has proven to be an exceptional leader during his tenure at Finning and he has extensive senior executive experience with two other major Canadian public corporations. He brings a well-rounded senior executive background, an extensive financial capability and strong experience in providing senior leadership and strategic execution.”

“We will remain focused on the execution of our current strategy, and together with Caterpillar will build on our equipment sales and customer service capability,” said Waites. “In January, Finning celebrated its 75th anniversary and I look forward to leading the company in the first portion of its next 75 years.”

Pinette praised Whitehead's stewardship of Finning during his nine years as president and CEO. “Under Doug's leadership, the company has gone through tremendous growth and shareholders have benefited significantly,” he said.

Waites has more than 28 years experience in senior management roles in the heavy equipment, transportation and oil and gas industries, and has served as chief financial officer of Finning for the past two years. Before that, he served as CEO U.S. Network and CFO of Canadian Pacific Railway, and also served as CFO for Chevron Canada Resources. He previously served on Finning's board of directors.

Finning is the world's largest Caterpillar dealer, providing sales, rental and customer support for Caterpillar equipment in Western Canada, the United Kingdom, Chile, Argentina, Bolivia and Uruguay. The Vancouver, B.C.-based firm is No. 13 on the RER 100.

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