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Andrew Peller Limited Announces Five New Directors and Provides Update on Leadership Continuity and Transition Plan
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GRIMSBY, Ontario, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Andrew Peller Limited (TSX: ADW.A / ADW.B) (“APL” or the “Company”) today announced the appointment of five new
members to its board of directors (the “Board”): Brian J. Bidulka, Daniel J. Cicerchi, R. Bruce McDonald, Chris Tsiofas, and W. James Westlake (full bios of the five new directors
are set out below). R. Bruce McDonald, a senior executive with more than 30 years of experience in the manufacturing industry, including extensive expertise in the automotive sector, will serve as
Chair of the Board. John Peller and A. Angus Peller will continue to serve as directors to ensure continuity for a transition period of 12 months.
“We are pleased to welcome five new directors to the Board, who add tremendous depth and experience in governance, finance, capital markets, logistics and supply chain as we build on our strength as Canada’s largest publicly traded wine producer,” commented John Peller, President and Chief Executive Officer.
As previously announced, John Peller will be retiring as President and Chief Executive Officer of the Company within the next year upon the appointment of his successor. The Board has formed a CEO Selection Committee, which, together with a leading executive search firm, will be responsible for identifying a suitable successor for the CEO position.
For almost 30 years, John Peller has led APL as Chief Executive Officer and has been the driving force behind the Company’s growth and success. The Board is seeking to identify and attract a CEO who will respect APL’s core values and will continue the rich traditions that have been ingrained in the Company due to the contributions, efforts and commitment of the Peller family.
As part of John Peller’s retirement and transition, the Company has agreed to pay $4.5 million in a retirement allowance in addition to his ongoing salary as President and CEO until a successor is appointed. In addition, the Company has also entered into a consulting agreement with John that will take effect upon his retirement to ensure a smooth transition, which provides for a $2.0 million consulting fee for services provided, paid quarterly.
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The Company has entered into a transition agreement with Peller Family Enterprises Inc. and the Peller family, which includes provisions relating to the composition of the Board for a 24-month period, as well as standstill and other provisions. The Company has paid $3.0 million in legal and advisory fees incurred by the shareholders in connection with these agreements.
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