Mecachrome announces changes to its executive team
Nov. 11, 200, Montreal - Mecachrome International's Board of Directors today announced changes to its executive leadership team and a delay the release of its third quarter results for 2008.
Nov. 11, 200, Montrea – Mecachrome International Mecachrome's Board of Directors today announced changes to the executive leadership team of the Company with the appointment of Mr. Christian Jacqmin as President and CEO and the departure of Mr. Gérard Casella as Chairman, President and CEO. In addition, Mecachrome will delay the release of its third quarter results for 2008.
Changes to Executive Leadership Team
Mecachrome's Board of Directors announced that it appointed Mr. Christian
Jacqmin as President and CEO of Mecachrome, effective immediately. Mr. Gérard
Casella, his predecessor, is leaving the management of the Company, effective
today. Mr. Casella remains director of Mecachrome. Mecachrome also announced
the departure of Mr. Arnaud Casella as President of Mecachrome France.
The Board of Directors is pleased to welcome Mr. Jacqmin, who has 13
years of experience in the aerospace industry. From 1995 to 2008, as CEO of
the Sonaca Group based in Belgium, he restructured, developed and transformed
the company into an international group developing cutting-edge technology in
the aerospace industry in Belgium, Brazil, Canada and the U.S.
Mecachrome's Board of Directors believes Mr. Jacqmin possesses the
experience and abilities to tackle the industry-wide challenges facing the
company. Mr. Jacqmin will notably have to manage the challenges related to the
delays of the Airbus A380, A400M and Boeing 787 programs, a weakening U.S.
dollar compared with other currencies, notably the Euro and the Canadian
dollar, and a worsening global economic environment, along with a recent
slowdown in the automotive sector, which weigh heavily on the Group's
financial situation and which have caused weaker results.
The Board of Directors thanks Mr. Gérard Casella for his significant contribution to Mecachrome. Since 1971, Mr. Gérard Casella has guided the
Company's expansion, prompting the Group to become an undisputed player in
aerospace, automotive and motor racing. The Board also thanks Mr. Arnaud
Casella for his dedication to Mecachrome.
Delay in the release of third quarter 2008 results
In addition, Mecachrome announced it will delay the release of its third
quarter 2008 results, previously scheduled for November 12, and postpone its
conference call with investors, previously scheduled for November 13, 2008.
The release has been delayed to provide Mecachrome with additional time to
complete the preparation and review of its financial statements for the third
quarter ended September 30, 2008.
About Mecachrome International Inc.
Mecachrome is a leader in the design, engineering, manufacture and
assembly of complex precision-engineered components for aircraft and
automotive applications, including aerostructural and aircraft engine
components, high-end automobile engine components and motor racing engines.
Since 1937, Mecachrome has established a significant presence and global
reputation in certain high-precision sectors of the aerospace, automotive and
industrial equipment industries, providing services primarily to original
equipment manufacturers. The company currently operates 11 state-of-the-art
facilities, principally in France and Canada. For more information on the
company, visit www.mecachrome.com