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WINNIPEG, MB, Dec. 2, 2024
/CNW/ - Boyd Group Services Inc. (TSX: BYD.TO) ("the Boyd Group",
"Boyd" or "the Company") announced today that, effective
May 14, 2025, Chief Executive Officer
Timothy O'Day will step down from
his current role, to be succeeded by Brian
Kaner, current President and Chief Operating Officer of
Boyd. These changes are planned to be effective as of the date of
the Annual General Meeting of Boyd, which is scheduled to occur on
May 14, 2025.
Mr. O'Day joined Gerber Collision & Glass in February of
1998 and, with Boyd Group's acquisition of Gerber in 2004, he was
appointed Chief Operating Officer of Boyd's U.S. Operations. In
2008, he was appointed President and Chief Operating Officer for
U.S. Operations, and in January, 2017 he was appointed President
and Chief Operating Officer for all of Boyd's operations in both
the U.S. and Canada. At the
beginning of 2020, he took an expanded role as President and Chief
Executive Officer. Mr. O'Day has also served on the Board since
2012. Throughout the past twenty years, Mr. O'Day has played an
integral role in the Boyd Group's growth and
success.
"Since joining Boyd as Executive Vice President and Chief
Operating Officer for the collision business in October 2022, Brian has enabled our team to
navigate dynamic economic and industry conditions with resilience
and adaptability, along with a consistent focus on increasing value
to our customers and shareholders. As a result, our business has
consistently performed above industry", said Mr. O'Day. "This
leadership transition provides a logical opportunity for Boyd to
announce the Company's next long term growth goal in early 2025, as
Brian prepares to lead the company through its next phase of growth
and development," continued Mr. O'Day. "I will continue to be
available to support Brian in his transition to CEO in an advisory
capacity through to the end of 2025."
"The Board and I believe that Brian is well positioned to lead
our company through its next phase," added Dave Brown, Independent Chair of the Board of
Directors of Boyd. "The Board went through a formal process of CEO
succession and it was clear that Brian was the best candidate for
the role. I would also like to take this opportunity to thank Tim
for his excellent and unwavering leadership of Boyd over the last
many years. It has been an absolute pleasure working with Tim."
Mr. Kaner joined Boyd in October
2022 as Chief Operating Officer for Boyd's Collision
Operations. Mr. Kaner was previously CEO & President of Pep
Boys & Icahn Automotive Services where he led all functional
disciplines and field leadership teams overseeing 1,000 company
owned and nearly 800 franchise locations. Before joining Icahn
Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation
as President of Sears Auto Centers. He holds a Bachelor's degree in
Accounting from Illinois State
University.
"I am honored that the Board has selected me as Boyd's next CEO
and I am extremely excited for our future", added Mr. Kaner. "We
continue to execute against a solid business strategy supported by
a strong leadership team. Tim's continued support, along with the
support of the Board and the Boyd leadership team will provide for
a smooth transition and will continue to position Boyd well for the
future."
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls
The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc.
shares trade on the Toronto Stock Exchange (TSX) under the symbol
BYD.TO. For more information on The Boyd Group Inc. or Boyd Group
Services Inc., please visit our website at
https://www.boydgroup.com.
About The Boyd Group Inc.
The Boyd Group Inc. (the "Company") is one of the largest
operators of non-franchised collision repair centres in
North America in terms of number
of locations and sales. The Company operates locations in
Canada under the trade names Boyd
Autobody & Glass (https://www.boydautobody.com) and Assured
Automotive (https://www.assuredauto.ca) as well as in the U.S.
under the trade name Gerber Collision & Glass
(https://www.gerbercollision.com). In addition, the Company is a
major retail auto glass operator in the U.S. with operations under
the trade names Gerber Collision & Glass, Glass America, Auto
Glass Service, Auto Glass Authority and Autoglassonly.com. The
Company also operates a third party administrator, Gerber National
Claims Services ("GNCS"), that offers glass, emergency roadside and
first notice of loss services. The Company also operates a Mobile
Auto Solutions ("MAS") service that offers scanning and calibration
services. For more information on The Boyd Group Inc. or Boyd Group
Services Inc., please visit our website at
(https://www.boydgroup.com).
Caution concerning forward-looking statements
Statements made in this press release, other than those
concerning historical financial information, may be forward-looking
and therefore subject to various risks and uncertainties. Some
forward-looking statements may be identified by words like "may",
"will", "anticipate", "estimate", "expect", "intend", or "continue"
or the negative thereof or similar variations. Readers are
cautioned not to place undue reliance on such statements, as actual
results may differ materially from those expressed or implied in
such statements. Factors that could cause results to vary include,
but are not limited to: employee relations and staffing;
acquisition and new location risk; operational performance; brand
management and reputation; market environment change; reliance on
technology; supply chain risk; margin pressure and sales mix
changes; pandemic risk & economic downturn; changes in client
relationships; decline in number of insurance claims;
environmental, health and safety risk; climate change and weather
conditions; competition; access to capital; dependence on key
personnel; tax position risk; corporate governance; increased
government regulation and tax risk; fluctuations in operating
results and seasonality; risk of litigation; execution on new
strategies; insurance risk; interest rates; U.S. health care costs
and workers compensation claims; foreign currency risk; capital
expenditures; low capture rates; and energy costs and BGSI's
success in anticipating and managing the foregoing
risks.
We caution that the foregoing list of factors is not
exhaustive and that when reviewing our forward-looking statements,
investors and others should refer to the "Risk Factors" section of
BGSI's Annual Information Form, the "Risks and Uncertainties" and
other sections of our Management's Discussion and Analysis of
Operating Results and Financial Position and our other periodic
filings with Canadian securities regulatory authorities. All
forward-looking statements presented herein should be considered in
conjunction with such filings.
SOURCE Boyd Group Services