Business
High Liner Foods Announces CFO's Retirement
LUNENBURG, NS, Sept. 4, 2013 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Line...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\nLUNENBURG, NS, Sept. 4, 2013 /CNW/ - High Liner Foods Incorporated (TSX:\n HLF) (\"High Liner\" or \"the Company\") announced today that Chief\n Financial Officer Kelly Nelson will be retiring after 30 years of\n service.  Mr. Nelson joined the Company in 1984 and has served as CFO\n since 1990.\n\n\n\"Kelly and I have worked together during the past 25 years on the three\n phases of High Liner's development: the turnaround after the loss of\n 95% of the Company's fishing quotas; the transformation into a customer\n focused, branded frozen seafood company; and the growth phase over the\n last 7 years.  Kelly will be missed by the organization and by me\",\n said Mr. Demone, President and CEO.  \"He will be leaving a financially\n strong market leader, with robust systems, strong financial controls\n and lots of growth opportunities,\" added Mr. Demone.\n\n\nHigh Liner has undergone extensive change and growth during Mr. Nelson's\n tenure.  Established more than 100 years ago and formerly a\n vertically-integrated seafood operation, High Liner redefined itself in\n the mid-2000's when it sold its fishing assets to focus on processing\n and marketing frozen seafood.  Since 2007, High Liner has made three\n significant acquisitions and grown its reported revenues from $256\n million in 2007 to $943 million in 2012. Adjusted EBITDA1 has increased by $77.8 million, from $13.9 million to $91.7 million,\n over the same time period. Today, High Liner has a market\n capitalization of approximately $530 million and is the leading North\n American value-added frozen seafood company.\n\n\nThe Company is fortunate to have benefited from Mr. Nelson's financial\n expertise and extensive understanding of the business, which have\n contributed greatly to the Company's growth and success.  High Liner\n wishes to thank him for his dedication and congratulate him on an\n outstanding career.\n\n\nMark Surrette of Knightsbridge Robertson Surrette will be leading the\n immediate search for Mr. Nelson's successor. Mr. Nelson will continue\n to perform his duties as CFO until after his successor has been named\n and transitioned into the CFO role.  The Company expects this will\n occur during the first half of next year.\n\n\nFor further information about the Company, please visit our website at www.highline...