Heavy Hitters BYL just announced a new team of executives for the Toronto headquarters. There are two HUGE takeaways for this announcement:
- BYL is moving its headquarters to Toronto by December 2015 and keeping the Israel headquarters as an R&D facility. I believe this is a strategic move for BYL. Reclassifying the Israeli headquarters as an R&D facility, will give them the ability to capitalize on many FDI incetives Israel offers to foreign tech companies for having R&D in Israel. I belive this will dramatically reduce costs for BYL in the long-run.
- BYL's list of executives is full of heavy hitters! From SiriusXM to Private equity firms, BYL has it all. Very qualified and very experienced. When they say they are adding value to shareholders, they are not kidding!!!
Im very pleased with how Randy Dewey is dealing with the company turn-around. In my opinion, he is setting up a great foundation for a great company.
TORONTO, Nov. 12, 2015 /CNW/ - Baylin Technologies ("Baylin") (TSX: BYL) today announced the appointment of James Newell as Baylin's Chief Financial Officer, effective November 18, 2015.
"We are very excited that James will be joining our team as Chief Financial Officer," said Randy Dewey, Vice Chairman, President and CEO, Baylin. "James has more than 26 years of CFO experience in both private and public companies. James brings strong financial expertise and business acumen to our senior leadership team. We're confident that in his new role he will drive value for Baylin stakeholders."
"I'm delighted to be joining Baylin as the Company enters a new chapter, " said James Newell, incoming CFO, Baylin. "As the Company repositions itself, I look forward to enhancing the finance division and fueling continued growth."
Mr. Newell was most recently Principle and Owner of Ridgevale Services Inc. and prior to that was CFO at Icynene Inc., where he oversaw all operations relating to finance, strategic and business planning, treasury, tax, and information technology. Prior to his appointment at Icynene Inc., he served as CFO at Armtec Infrastructure, a Canadian materials and infrastructure construction company. During James' four years as CFO at Armtec he was responsible for executive leadership of the finance department including overseeing acquisitions, strategic and business planning, public reporting, treasury and taxation. During this time period revenue grew from CAD $150 million to $450 million.
Mr. Newell's arrival is part of Baylin's strategic mission to move its headquarters from Israel to Toronto in order to strengthen the business for long term competitiveness, success and further growth opportunities. "The decision is important to our future as a publicly traded company in Canada" said Mr. Dewey. "We will better align our business to address the growing North American market and the needs of our various stakeholders."
The headquarters' transition, expected to be completed by December 31, 2015, involves returning the Israeli Galtronics office to a dedicated R&D centre capitalizing on its strengths to make it a world class center of innovation. "Our commitment and vision for the Israeli R&D center remains steadfast" explained Mr. Dewey. Mr. Yuval Katzir, who served as Chief Financial Officer prior to Mr. Newell's appointment, will assume the role of Vice President and General Manager in Israel.
In Toronto, Mr. Dewey has assembled an experienced and proven team of professionals to further strengthen senior leadership and propel Baylin's long term growth opportunities.
Working with Mr. Newell will be Cliff Gary, VP of Finance and Corporate Controller; Morlan Reddock, Director of Global Treasury and U.S. Controller and Jay Giblon, VP of Information Technology. Helder Constantino has been appointed Vice President of Corporate Development and Human Resources and will report directly to the CEO. Kelly Myles rounds out the team as Marketing and Communications Manager.