Richmond, BC - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX: MDA), a global communications and information company, today announced that its Board of Directors has appointed Mr. Howard L. Lance as President and Chief Executive Officer of MDA, effective May 16, 2016. The Board expects to appoint Mr. Lance to the MDA Board of Directors shortly after he joins the Company.
Mr. Lance succeeds Daniel Friedmann, who has served as CEO since 1995. Mr. Friedmann will continue to serve as member of the Board of Directors. This appointment is part of MDA’s broader strategy to position itself to enable the Company to bid and execute a much broader range of U.S. Government and commercial contracts.
From 2003—2011, Mr. Lance was Chairman and CEO of Harris Corporation (NYSE:HRS), an international communications and information company serving government and commercial customers. During this period, the company posted top- and bottom-line growth at a compounded annualized rate of 14 and 22% respectively. Since 2012, Mr. Lance has been Executive Advisor at Blackstone Group’s private equity business, with a focus on strategy, acquisitions, operations and organizational development of certain holdings. Prior to Harris, Mr. Lance served as President and Chief Operating Officer of NCR Corporation from 2001—2003. From 1984—2001, Mr. Lance served in a variety of progressively more senior roles at Emerson Electric Company, lastly as Executive Vice President of the Electronics and Telecom segment.
Speaking on behalf of the MDA Board, Chairman Bob Phillips said, “Mr. Lance brings to MDA a unique combination of skills and experience that make him ideally suited to lead MDA in further advancing its strategy of U.S. expansion. Throughout his career, Mr. Lance established a strong record of driving growth across multiple global businesses, and building teams that make these businesses thrive.”
“I am thrilled to be joining MDA at such an important time in the Company's history," said Howard Lance. “During the past decade, MDA has transitioned into a leading provider of highly dependable satellite communication and information solutions to commercial and government customers worldwide. With its strong financial position and robust pipeline of opportunities, particularly in the U.S., the Company is ideally positioned for further growth. I look forward to working with the Company’s management team and employees to build on the success it has achieved.”
Chairman Bob Phillips added, “Under Dan’s leadership, MDA has transitioned from a $100 million primarily domestic and privately held ground systems company to a $2 billion internationally oriented and publicly traded satellite communication and information company. We thank Dan for his many years of unrelenting dedication to the Company. We look forward to working with Mr. Lance on moving MDA to the next level of profitable growth and value-creation, and to Dan remaining on the Board and thereby continuing to make a valuable contribution to MDA’s future success.”
Dan Friedmann commented, “MDA is a great company with solid management teams and highly talented employees, and with bright prospects. To fully implement our expansion plans the Company needs a U.S.-based CEO. Mr. Lance’s proven expertise in leading the expansion strategy of similar companies will be a tremendous asset to MDA.”
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.
MDA's business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.
MDA's established global customer base is served by more than 4,800 employees operating from 11 locations in the United States, Canada, and internationally.
The Company's common shares trade on the Toronto Stock Exchange under the symbol "MDA."
This news release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. (“MDA” or the “Company”) with respect to future events and financial performance. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “occur” or “be achieved” or the negative connotation thereof. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of the Company, including in respect of future growth and expansion, to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. The factors and assumptions underlying the forward-looking statements in this release include the Company being able to advance its expansion strategies. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are included or incorporated by reference in this document, except in accordance with applicable securities laws.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online under the Company's profile at www.sedar.com or on the Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.