Ottawa, Ontario, November 12, 2014 – Calian Technologies Ltd. (TSX: CTY) announced today that Ray Basler, its President and CEO, has decided to retire effective March 31, 2015. The Board of Directors has unanimously appointed Kevin Ford, leader of the Company’s BTS division, to take on the position of President and CEO upon completion of the transition period on March 31st.
“Ray has led the company through some very challenging times and the board is extremely grateful for his unwavering commitment to the betterment of Calian. I am also pleased that he has indicated his willingness to remain on the board post-retirement” stated Kenneth Loeb, chairman of the board.
“I have been privileged to lead such a great Canadian company. After almost three decades with the company and a full ten years as CEO, it is time to transfer the helm to the next generation of leadership. I look forward to working with Kevin and the management team during the transition period, and to remaining a productive member of the board thereafter" stated Basler. “While we have experienced some difficult markets and significant obstacles during my tenure, I am proud of the fact that we have earned over $115 million in after tax profits and have provided a compound annual return to shareholders of over 11% during that time. I believe the company is well positioned for future growth as it has a solid backlog along with excellent prospects and a seasoned management team that is capable of taking it to the next level.”