Davis + Henderson Announces Gerrard Schmid as Future CEO
Appointment Effective February 2012 with Retirement of Bob Cronin
TORONTO, Sept. 15, 2011 /CNW/ – The Board of Directors of Davis + Henderson Corporation (TSX: DH) (“D+H” or the “Company”) today announced that Bob Cronin has advised of his plan to retire in February 2012. In connection with this plan, the Board also announced that effective at that time, Gerrard Schmid, the Company`s President and Chief Operating Officer, will assume the role of CEO and will join the D+H Board.
In announcing the succession, Paul Damp, Chairman of the Board, said: “Bob has led D+H with distinction and we are truly grateful for his considerable contribution. Our well-established succession plan will ensure a smooth transition of duties from Mr. Cronin to Mr. Schmid. Gerrard brings tremendous experience to the position and has shown great vision and operational leadership since he joined D+H in 2007. To assist in the planned transition, Bob will serve as an advisor to Gerrard through 2012.”
Mr. Schmid has more than 15 years of experience in financial services, serving in senior capacities in the domestic and international banking industry. Prior to joining D+H in 2007 as President of one of D+H’s operating divisions, he served as head of the deposits and overdraft lending business of Lloyds TSB Bank in the United Kingdom and in Canada as Chief Operating Officer of CIBC’s retail bank where he was responsible for telephone banking and internet channels, sales automation technologies, operational risk and several other functions. Mr. Schmid is also actively involved in the community as a Board member of the Sunnybrook Hospital Foundation and as a member of the Toronto Cabinet of the United Way.
“As a key member of our leadership team, Gerrard has played an important role in the strategic growth of our business, including the acquisition and integration of a number of market-leading service offerings for our customers,” said Mr. Damp. “Based on his intimate knowledge of the financial services industry, his proven ability to manage large, diverse organizations and his passion to serve, Gerrard will carry on the strong tradition of leadership at D+H.”
Mr. Cronin joined D+H in 1996 as President and Chief Operating Officer and has led as the Company’s CEO since 2004. “Bob has served D+H through a period of positive change and progress for our business,” said Mr. Damp. “During Bob`s tenure, we successfully transitioned from a private enterprise operating a single service platform to become a broadly owned public company that now serves as a go-to solutions provider for the financial services industry. Bob also deserves credit for building a deep and talented management team that is well equipped to deliver growth and value moving forward. On behalf of the board, I would like to thank Bob for his many outstanding contributions to the advancement of D+H.”
Said Mr. Cronin: “One of our strengths at D+H is that we have a great team. Over the past few years, Gerrard has both strengthened and shaped our team to deliver value to our customers and shareholders. Assuming full leadership of the team is the logical next step and Gerrard is well prepared for his added responsibilities. He will make an excellent CEO. I would like to congratulate Gerrard and thank the D+H family for their support over the years. ”
ABOUT DAVIS + HENDERSON
Founded in 1875, Davis + Henderson provides innovative programs, technology products, and technology based business services to customers in the financial services industry who offer deposit, lending, insurance and wealth management products to consumers and businesses. Davis + Henderson Corporation is listed on the Toronto Stock Exchange under the symbol DH. Further information can be found in the disclosure documents filed by Davis + Henderson Corporation with the securities regulatory authorities, available at www.sedar.com.
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning D+H’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of D+H are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions, including the following specific assumptions: the ability of D+H to meet its revenue and EBITDA targets; general industry and economic conditions; changes in D+H’s relationship with its customers and suppliers; pricing pressures and other competitive factors; the anticipated effect of the acquisition of Mortgagebot on the financial performance of D+H; and the expected benefits arising as a result of the acquisition of Mortgagebot. D+H has also made certain macroeconomic and general industry assumptions in the preparation of such forward-looking statements. While D+H considers these factors and assumptions to be reasonable based on information currently available, there can be no assurance that actual results will be consistent with these forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Business, or developments in D+H’s industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements.
Risks related to forward-looking statements include, among other things, challenges presented by declines in the use of cheques by consumers; D+H’s dependence on a limited number of large financial institution customers and dependence on their acceptance of new programs; strategic initiatives being undertaken to meet the D+H’s financial objective; stability and growth in the real estate, mortgage and lending markets; as well as general market conditions, including economic and interest rate dynamics. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The documents incorporated by reference herein also identify additional factors that could affect the operating results and performance of D+H. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions, and D+H does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change except as required by applicable securities laws.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, D+H.
For further information:
Brian Kyle, Chief Financial Officer, (416) 696-7700, extension 5690, or visit our website at www.dhltd.com