BOUCHERVILLE, QUEBEC–(Marketwired – Feb. 5, 2018) – Colabor Group Inc. (TSX:GCL) (“Colabor” or the “Corporation”) announces the appointment of Mr. Lionel Ettedgui as the new President and Chief Executive Officer of the Corporation effective today.
Mr. Robert Cloutier, Chairman of the Board of Directors, stated: “Following a rigorous recruitment process led by the Board, we are very pleased to announce the hiring of Mr. Ettedgui whose leadership and impressive track record in the operations of international large-scale corporations will allow Colabor to create more value.”
Mr. Ettedgui served for more than 6 years as President and Chief Operating Officer of Saputo’s bakery division, primarily Vachon cakes, making an impressive operational turnaround and restoring the profitability of this division. He also worked in Europe and Africa for many years in trade, operations management and business development. In 2005, he founded the company Kooll Desserts Inc in St-Hyacinthe where he built a manufacturing facility and started the production in less than a year. In 2008, Mr. Ettedgui sold Kooll Desserts to Liberté which still operates the facility in St-Hyacinthe. Mr. Ettedgui is also a director of the Foundation of the Hôpital du Sacré-Coeur de Montréal.
Mr. Ettedgui said: “I am very pleased to be joining Colabor, a great company with great development potential, and I will spare no effort with the entire team to maximize the potential of the Company. I look forward to meeting this new and stimulating challenge.”
As previously announced, Mr. Claude Gariépy, the current President and Chief Executive Officer, is leaving the Corporation on March 2, 2018, after a transition period with Mr. Ettedgui.
Colabor is a distributor and wholesaler of food and non-food products serving the foodservice market (cafeterias, restaurants, hotels, restaurant chains) in Quebec, Ontario and the Atlantic provinces, as well as the retail market (grocery stores and convenience stores).
This news release contains certain statements that may be deemed to be forward-looking statements reflecting the opinions or current expectations of Colabor Group Inc. concerning its performance, business operations and future events. Such statements are subject to risks, uncertainties and assumptions and the analysis of the debt structure and available alternatives, and risks mentioned in the Corporation’s annual information form found under its profile on SEDAR (www.sedar.com), such as the risk of dilution for existing shareholders. As such, these statements are not guarantees of future performance, and actual results, realities or events may differ materially. Except as required by law, the Corporation assumes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions or other factors change.
Jean-François Neault, CPA, CMA, MBA
Senior Vice-President and Chief Financial Officer
Tel : 450-449-0026 ext. 1308