New Flyer Announces Board Changes
Winnipeg, Manitoba, Canada – April 10, 2015: (TSX: NFI) (TSX: NFI.DB.U) New Flyer Industries Inc. (“New Flyer” or the “Company”) announced today that the board of directors (the “Board”) has nominated Ms. Krystyna Hoeg and Ms. Phyllis Cochran as new candidates for election as directors at the Company’s upcoming annual meeting of shareholders (the “Meeting”) to be held on May 7, 2015. These two individuals will bring a diverse range of experience and expertise to New Flyer’s Board. Mr. Wayne McLeod, Ms. Patricia Jacobsen and Mr. William Millar, each current directors, have informed the Board that they will retire from the Board and will not stand for re-election as directors at the Meeting.
“We wish to thank Mr. McLeod, Ms. Jacobsen and Mr. Millar for their dedicated service to the Company over the last several years, and in the case of Mr. McLeod, his diligent work as chairperson of the Company’s Audit Committee since the Company’s initial public offering 10 years ago,” said The Honourable Brian Tobin, Chairperson of the Board. “We are also honoured that Ms. Hoeg and Ms. Cochran have agreed to stand for election as directors and we look forward to their contributions.”
Ms. Hoeg currently serves on the board of directors of Canadian Pacific Railway Limited, Imperial Oil Limited and Sun Life Financial Inc. and has previously served as a director of Shoppers Drug Mart Corporation and Cineplex Galaxy Income Fund. Ms. Hoeg is a chartered accountant and was the former President and Chief Executive Officer of Corby Distilleries Limited, a marketer and seller of spirits and wine, from 1996 to 2007.
Ms. Cochran served on the board of The Mosaic Company from 2006 to 2013 and retired in 2012 after 33 years with Navistar International Corporation, a global manufacturer of commercial trucks and engines, where she served as President, Parts Group. Ms. Cochran also served as President and Chief Executive Officer of Navistar Financial Corporation.
If Ms. Hoeg and Ms. Cochran are elected to the Board at the Meeting along with the remaining current Board members nominated by the Company, seven of the eight members of the Board will be independent (within the meaning of applicable Canadian securities laws) and two members (or 25%) will be female.
Further details are provided in the management information circular relating to the Meeting which is being mailed to shareholders in advance of the Meeting.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. The Company is the industry technology leader and offers the broadest product line of transit buses including drive systems powered by: clean diesel, natural gas, diesel-electric hybrid, electric trolley and now, battery-electric. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer also operates the industry’s most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of transit buses.
The New Flyer group of companies employ over 3,000 team members with manufacturing, fabrication, parts distribution and service centers in both Canada and the United States. Over 32,000 New Flyer and NABI heavy-duty transit buses are in operation today. Further information is available on New Flyer’s website at http://www.www.newflyer.com/content
The common shares and convertible unsecured subordinated debentures of the Company are traded on the Toronto Stock Exchange under the symbols NFI and NFI.DB.U, respectively.
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