CALGARY, Jan. 16, 2014 /CNW/ - Pason Systems Inc. (TSX: PSI) ("Pason")
today announced a number of changes to its management structure and
senior management team.
Jon Faber, CFA, CBV has been appointed to the role of Chief Financial
Officer (CFO) of Pason, effective March 1, 2014. As CFO, Mr. Faber will
partner with the CEO and the executive team to shape Pason's agenda for
profitable growth. He most recently served as Vice President,
Investment Banking with National Bank Financial, with a dedicated focus
on the energy services sector. Mr. Faber received a Master of Business
Administration from Purdue University and a Bachelor of Business
Administration from Brock University. He is a Chartered Financial
Analyst and holds a Chartered Business Valuator designation. Mr. Faber
resides in Calgary.
David Elliott will continue to oversee Pason's financial reporting and
compliance activities as Vice President Finance. He joined Pason in
2006 as the Corporate Treasurer and has held the position of Chief
Financial Officer for the last three years. Mr. Elliott will remain
Pason's CFO until March 1, 2014.
Pason is also pleased to announce the following changes to the
management structure. They became effective November 1, 2013.
Chad Yetka, MBA, MS was appointed to the role of Vice President
Operations USA. Mr. Yetka has held various general management and
consulting positions in the United States and Australia and has a
proven track record of driving rapid, sustainable impact through
collaborative leadership. He holds a Master's degree in Mechanical
Engineering from North Carolina State University and an MBA from the
University of Chicago. Mr. Yetka is based at the company's office in
Golden, Colorado.
A Corporate Operations group, led by Greg Lindsay, has been formed. Mr.
Lindsay previously led the US Business Unit for almost nine successful
years. As Vice President Corporate Operations, Mr. Lindsay is
responsible for customer service and support, information technology,
supply chain and logistics.
Kevin Boston, previously Vice President Corporate Development &
Strategy, has assumed the role of Vice President Operations
International & Offshore. Mr. Boston is responsible for all business
outside of the United States and Canada, including Latin America,
Australia, the Middle East, and Offshore. His previous experience in
the Middle East will lend itself to Pason's renewed focus on that
region.
A dedicated Business Development & Marketing group has been established
to serve all business units. Responsibilities for this new group
include the acquisition of new customers, with a particular focus on
the southern United States and certain international markets. As Vice
President Business Development & Marketing, the group will be led by
Russell Smith, who led the International Business Unit for the last
three years.
"Pason has always been proud to deliver outstanding value to its
customers through our superior products and best-in-class service,
while generating attractive returns for shareholders. Customer demands
and purchasing behaviours are changing and the industry landscape is
getting more complex. As a result, demands on our capabilities are
increasing. We are making these changes to our organization in response
to these trends, and to support our goals for profitable growth going
forward," said Marcel Kessler, President and CEO.
Pason Systems Inc. is a leading provider of instrumentation systems to
land-based and offshore drilling rigs worldwide. The company's rental
solutions, which include data acquisition, wellsite reporting, remote
communications, and web-based information management, maximize rig
uptime, improve work efficiency, and minimize operating costs. Pason's
common shares trade on the Toronto Stock Exchange under the symbol PSI.
Certain information regarding Pason contained herein may constitute
forward-looking information under applicable securities law. The words
"will", "shape", "driving", "impact", "renewed", "support", "goals",
"going forward" or other similar words are used to identify such
forward-looking information and statements. Forward-looking statements
in this document may include statements, express or implied, regarding
Pason's goals for profitable growth and for the acquisition of new
customers. These forward-looking statements are based upon various
underlying factors and assumptions, including those with regards to the
state of the economy and the oil and gas exploration and production
business, in particular; Pason's business, operational and growth
strategies and its ability to execute on those strategies; Pason's
business prospects and opportunities; and estimates of the financial
and operational performance of Pason.
Forward-looking information and statements are subject to known or
unknown risks and uncertainties that may cause actual results to differ
materially from those anticipated or implied in the forward-looking
information and statements. Risk factors that could cause actual
results or events to differ materially from current expectations
include, among others, customer acceptance of Pason's new products,
customer loyalty and continued market share performance, labor
shortages, the ability of Pason to successfully implement its strategic
initiatives and whether such strategic initiatives will yield the
expected benefits, the operating performance of Pason's assets and
businesses, the price of energy commodities, competitive factors in the
energy industry, changes in laws and regulations affecting Pason's
businesses, technological developments, and general economic
conditions.
Readers are cautioned not to place undue reliance on forward-looking
statements as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such forward
looking statements, although considered reasonable by management as of
the date hereof, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement.
Additional information on risks and uncertainties and other factors that
could affect Pason's operations or financial results are included in
Pason's reports on file with the Canadian securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com or through Pason's website www.pason.com). Furthermore, the forward looking statements contained in this news
release are made as of the date of this news release, and Pason does
not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required
by securities law.
SOURCE Pason Systems Inc.
