MONCTON, New Brunswick (June 16, 2015) – Major Drilling Group International Inc. (TSXMDI) is today announcing the retirement of Francis McGuire as President and CEO of the Company, and the appointment of Denis Larocque, Chief Financial Officer, to that position. Mr. McGuire will remain in his current role until the transition immediately subsequent to the Company’s AGM in September, 2015, at which point Mr. Larocque will assume the duties of the office. The Board is also very pleased to announce that Mr. McGuire has agreed to remain on the Board of Directors, and to stand for re-election at the upcoming AGM.
Mr. McGuire first advised the Board of Directors in mid-2013 that as he was approaching retirement, he believed that the time was right to begin planning for the appointment of his successor as CEO. The Board and Mr. McGuire agreed that he would remain as CEO until such time as the challenging market conditions facing the drilling industry began to stabilize and the Board could commence and complete a full assessment of the Company’s senior leadership needs.
That assessment, which included the retention of an external adviser, started in June 2014 and has just concluded, resulting in the appointment of Mr. Larocque. Mr. Larocque joined Major Drilling in 1994 and has served as CFO since June 2006. He has extensive experience in all facets of the Company’s business, including working closely with the operations team in setting the strategic goals of the Company.
“Under Francis’ leadership, the Company has become internationally recognized by our customers for providing excellent drilling services, by our employees as the employer of choice in the industry, and by our shareholders as a prudently managed, growth oriented investment,” said David Tennant, Chairman of the Board. “Although the industry is challenging at the moment, by almost all metrics Major Drilling is performing well relative to its peers and is very well positioned to take advantage of the opportunities that will arise when the mining sector rebounds. This enviable position is the result of a very cohesive senior management team, and we are confident that the appointment of Mr. Larocque will ensure the continuity of the business strategy and operational excellence that we are known for.”
“Fifteen years ago, the Board of Directors asked Francis to lead us on a path of positioning our company as a leading, globally recognized contract drilling company,” continued Tennant. “We cannot thank Francis enough for his enormous contributions to our success. The Company is now in an enviable position, with an impressive leadership team fully prepared to meet the challenges presented by the future and to meet the increasing expectations of our loyal customers. We are very fortunate indeed that Francis has chosen to remain involved with the Company and we know that he will continue to make invaluable contributions as member of our Board.”