TORONTO, July 10,
2024 /CNW/ - Aimia Inc. (TSX: AIM) ("Aimia" or
the "Company") today announced leadership appointments aimed
at fast-tracking the rollout of the Company's strategy recently
endorsed by shareholders at its annual general meeting, naming
James Scarlett as Chair of the
newly-formed Strategic Review Committee and Steven Leonard as President and CFO. Aimia's
strategy and near-term priorities are focused on unlocking value
and returning capital to investors in a responsible and expeditious
manner. The appointments are effective immediately.
"With the outcome of our AGM now behind us, optimizing the
leadership team that will execute our strategy for unlocking value
is a key to success," said Tom
Finke, Executive Chairman. "Our decision to move forward
with a streamlined, cost-effective leadership model that best
utilizes the expertise of our Board members and the depth of
experience of our management team was based on a number of factors,
including the effectiveness and level of collaboration we have been
able to achieve to date, minimizing executive compensation
expenses, and avoiding delays inherent in a period of ramp-up
typically associated with the hiring of a new CEO from outside the
organization. I look forward to continuing my close working
relationships with Jamie and Steve for the benefit of
all Aimia shareholders."
James Scarlett, ICD.D., one of
Canada's most respected senior
legal advisors with more than 40 years of experience in complex
merger and acquisition, capital markets, and other transactions and
named to Aimia's Board in June 2024,
has been appointed as Chair of Aimia's Strategic Review Committee.
The newly-formed Board committee, which will include Aimia
Directors Robert Feingold and
Jordan Teramo, will work closely
with management to drive Aimia's strategic review process and
identify the best options for returning capital to shareholders.
These options may include the potential sale of Aimia's core
holdings, the potential spinoff of core holdings, the potential
recapitalization of the Holdco or core holdings or the potential
merger of core holdings with other entities to take advantage of
the Company's cumulative tax losses. Among its initial
priorities, the Committee will work to identify the external
advisors best qualified to assist Aimia in its strategic review
process in the coming weeks. Aimia expects the identification of
best options for value creation to be completed in the third
quarter of 2024.
Steven Leonard, CPA, CA, who
brings more than 35 years of finance and executive leadership
experience, has been appointed Aimia's President and CFO. In
addition to his current responsibilities as Chief Financial
Officer, Mr. Leonard will oversee all of Aimia's day-to-day
operations including oversight for the Company's core holdings,
Bozzetto and Cortland International. Mr. Leonard will also
work with the Strategic Review Committee to identify and execute on
strategic priorities aimed at unlocking value for all
shareholders.
Mr. Leonard joined Aimia as Vice President and Corporate
Controller in June 2010 and was named
Chief Financial Officer in May 2019. Prior to joining Aimia,
Mr. Leonard held leadership roles at Air Canada, Vivendi and
Seagram gaining financial, operational and international
experience. He has experience in all areas of finance with
particular specialization in corporate transformations, strategic
planning, financing, taxation, and mergers and acquisitions. During
his tenure with Aimia, Mr. Leonard has overseen the implementation
of a number of major financial and transformational initiatives,
including the sale of the Company's equity stake in PLM for
$570 million including the recently
completed earn-out, the sale of Aeroplan for $516 million, the execution of $278 million in substantial issuer bids, and the
recent acquisitions of the Bozzetto and Cortland businesses.
About Aimia
Aimia Inc. (TSX: AIM) is a diversified company focused on
unlocking the growth potential of its two global businesses,
Bozzetto, a sustainable specialty chemicals company, and Cortland
International, a rope and netting solutions company. Headquartered
in Toronto, Aimia's priorities
include monetizing its non-core investments, returning capital to
its shareholders, and efficiently utilizing its loss carry-forwards
to create shareholder value.
For more information about Aimia, visit www.aimia.com.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking information" within the meaning of Canadian
securities laws ("forward-looking statements"), which are
based upon Aimia's current expectations, estimates, projections,
assumptions and beliefs. All information that is not clearly
historical in nature may constitute forward-looking statements.
Forward-looking statements are typically identified by the use of
terms such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will",
"would" and "should", and similar terms and phrases, including
references to assumptions.
Forward-looking statements in this press release include, but
are not limited to, future upside resulting from the Company
executing on its strategy, including the potential sale of Aimia's
core holdings, the potential spinoff of core holdings
recapitalization of the Holdco or core holdings or the potential
merger of core holdings with other entities to take advantage of
our cumulative tax losses, continued execution of our normal course
issuer bid to purchase up to 7 million common shares, meeting the
guidance expectations we set earlier this year to generate adjusted
EBITDA of $80 to $85 million through our core holdings on a
combined basis, and continued efforts to reduce costs at the
Holdco. Forward-looking statements, by their nature, are based on
assumptions and are subject to known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the forward-looking statement will not occur. The
forward-looking statements in this press release speak only as of
the date hereof and reflect several material factors, expectations
and assumptions. Undue reliance should not be placed on any
predictions or forward-looking statements as these may be affected
by, among other things, changing external events and general
uncertainties of the business. A discussion of the material risks
applicable to the Company can be found in Aimia's current
Management's Discussion and Analysis and Annual Information Form,
each of which have been or will be filed on SEDAR+ and can be
accessed at www.sedarplus.ca. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and Aimia disclaims any intention and
assumes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE Aimia Inc.