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Home > Investors > News Releases > 2005 >Liquidation World Improves Leadership Structure
Calgary, February 28, 2005
Management to focus on cost controls to improve earnings
- Office of the CEO to be replaced
- Jonathan Hill named President and CEO, Liquidation World Inc.
- Darren Gillespie named President, Liquidation World USA Inc. and Senior Executive Vice President, Liquidation World Inc.
- New structure to be effective immediately
- Changes improve focus, coordination of strategic initiatives and accountability
CALGARY, FEB. 18 – Liquidation World Inc. (LQW: TSX). The Board of Directors today announced changes to the current leadership structure of Liquidation World Inc. The Office of the CEO, originally created following the retirement of the Company’s founder, will be abandoned immediately in favour of a more clearly defined and focused management structure. Effective immediately, Jonathan Hill will assume the position of President and CEO, with Darren Gillespie undertaking the roles of President, Liquidation World Inc.’s subsidiary, Liquidation World U.S.A. Inc., as well as Senior Executive Vice President, Liquidation World Inc.
These changes will allow the company to more effectively coordinate the implementation of its strategic plans and improve management focus and accountability in both Canada and the United States.
Leslie Landes, Chairman of the Board said: “We are pleased with these changes and believe they are consistent with the Company’s efforts to apply best practices to governance and clear leadership and accountability”.
Mr. Hill began his career with Liquidation World in 1991 and pioneered the Company’s growth and development in Ontario. Since that time, he has had a variety of management and operating responsibilities including store operations, purchasing, real estate and business development. In 2003, Mr. Hill was named to the Office of the CEO with primary responsibility for strategic planning.
Mr. Hill said: “I am honored and excited to be entrusted with this great responsibility and look forward to focusing on the effective implementation of our plans for the Company”.
Mr. Gillespie began his career with Liquidation World in 1993 and has also held a variety of management and operating positions since that time. Mr. Gillespie has been responsible for activities in such areas as real estate, marketing, the development of the US operating region and the Liquidation World Enterprises business, which provides store closing services for third parties.
Mr. Gillespie said: “These changes will allow us to be more effective in our areas of focus. I am enthusiastic about the opportunity to achieve our potential in the United States by leveraging our existing infrastructure.”
Mr. Wayne Mantika, formerly President and Co-CEO has decided to pursue other interests and will not be continuing with the Company. He stated “I want to thank the Liquidation World supporters and associates for their commitment over the years and wish them the best of success in the future.”
About Liquidation World
Liquidation World plays a fundamental role in addressing the ever-present imperfections of the manufacturer-retailer relationship. The Company offers services that include the retail liquidation of consumer merchandise through 104 outlets across North America, as well as auctions and store-closure sales management. Liquidation World solves asset recovery problems in a professional manner for the financial services industry, insurance companies, manufacturers and other organizations. Liquidation World opened its first retail outlet in 1986 and is now the largest liquidator in Canada, with more than 1,800 employees in outlets and offices across Canada and the United States.
This release includes forward-looking statements and potential future circumstances and developments. Forward-looking statements regarding future performance are subject to risks and uncertainties, and actual results may differ materially.
For more information, please contact:
Mr. Jonathan Hill, President & CEO
E-mail: jonathanh@liquidationworld.com
Telephone: (403) 250-1222; Fax: (403) 291-1306
Mr. Andrew Searby, C.A., Executive Vice President and CFO
E-mail: investorinfo@liquidationworld.com
Website: www.liquidationworld.com
Telephone (403) 250-1222
Fax: (403) 291-1306