ExelTech Aerospace strengthens senior management team
April 24, 2008, Montreal - ExelTech Aerospace Inc. has announced the appointment of Mr. Sylvain Duval as president & COO.
April 24, 2008, Montreal – ExelTech Aerospace Inc., Canada's largest publicly-listed commercial aircraft maintenance, repair and
overhaul organization, has announced the appointment of Sylvain Duval as president & COO. Derek Nice, currently ExelTech's president & CEO, will become chairman & CEO.
Nice will focus his attention on the company's market growth and strategic development while Mr. Duval will be responsible for sales, customer
service, production and supply chain management, with a mandate to continue
the company's drive for increased margins and efficiencies.
Duval will oversee operations at the company's three existing
facilities in Montreal and Quebec City, and will play a strong role in the
company's transition to its new state-of-the-art hangar complex at Montreal's
Pierre Elliott Trudeau International Airport.
"I am very pleased to welcome Sylvain to ExelTech," stated Nice. "He adds strength to a solid management team by bringing talent and depth to our
operations, freeing me to focus on our growth opportunities."
Russ Ray will leave his position as chairman and assume the role of lead director. As the company's senior independent director, Mr. Ray's focus
will continue to ensure the board meets the highest standards of corporate
governance, effectively discharging its duties, responsibilities and
obligations to the corporation and its shareholders.
Duval was previously executive VP, global operations for Mega Brands, Inc, a public company with annual revenue in excess of $600 million, where he was responsible for in-house manufacturing operations in Montreal, New Jersey and Tennessee; outsourced manufacturing facilities in Hong Kong and China; and eight distribution centres in North America, Europe, Asia and Australia. Prior to this, Duval was president & COO for Saturn Solutions, Inc., a manufacturer with operations in Canada and the US, and a manufacturing and supply chain manager at Pratt & Whitney Canada.
As part of his compensation, Duval has been granted options to purchase 300,000 common shares of the company at an exercise price of $0.16 per share, pursuant to the terms of the company's stock option plan. The options have a term of 10 years and shall vest in equal installments on each of the three anniversary dates following the date of grant.