Melcor Announces Retirement of Ralph B. Young; Brian Baker Named as Successor
07 March 2013 - 11:49AM
Marketwired
- Melcor Developments Ltd. (TSX:MRD)
Melcor's Board of Directors today announced that Ralph B. Young
will retire as CEO effective July 2, 2013.
Timothy Melton, Executive Chairman of the Melcor Board reports:
"Over the past several years, we have focused on developing the
next generation of leadership for the company to ensure a seamless
succession transition and to position the right leadership team to
take the company forward. Against the backdrop of a record year and
with eager anticipation for the future, we are now ready to make
that transition. Effective July 2, 2013, Ralph Young will retire
after 42 years of dedicated service to Melcor, most recently as
CEO. He will continue in an advisory role and will remain on the
Melcor Board of Directors."
"I would like to express deep gratitude to Ralph for his
tremendous stewardship and guidance of Melcor for over four
decades."
Ralph Young commented: "I am exceptionally proud of Melcor's
achievements over our 90 year history. These results have been
driven by the dedication and efforts of our employees and the trust
placed in us by our shareholders, customers and the communities in
which we do business. I have been extremely fortunate to have
shared in the Melcor journey and I look forward to watching the new
heights it will attain."
Brian Baker will be appointed President and CEO upon Ralph's
retirement.
Brian currently serves as President and Chief Operating Officer
of Melcor Developments. Ltd. Brian started with Melcor in 1997. In
April of 2002, Brian was appointed Vice President of the newly
formed Property Development division, which has developed and
leased over 1.65 million square feet of office and retail space
since 2003. He was promoted to Chief Operating Officer in June 2011
and to President and Chief Operating Officer in June 2012. Brian is
a graduate of the University of Alberta (1995).
"I am excited at the opportunity to lead the company into its
90th year. We remain focused on setting and achieving strategic
objectives, recruiting and training quality people and carefully
managing our capital resources. Our end goal, as always, is the
protection and growth of capital investment and the regular return
of profits to our shareholders."
About Melcor Developments Ltd.
Melcor is a diversified real estate development and management
company with a rich heritage of integrity and innovation in real
estate since 1923.
Through four integrated operating divisions, Melcor manages the
full life cycle of real estate development: from acquiring raw
land, to community planning, to construction and development, to
owning and managing leasable office, retail and residential sites.
Melcor develops and manages mixed-use residential communities,
business and industrial parks, office buildings, retail commercial
centres and golf courses.
Melcor's headquarters are located in Edmonton, Alberta, with
regional offices throughout Alberta and British Columbia. Company
developments span western Canada and the US. Melcor has been a
public company since 1968 and trades on the Toronto Stock Exchange
(TSX:MRD).
Contacts: Melcor Developments Ltd. Business Contact Brian Baker
President & COO 780-423-6931 Melcor Developments Ltd. Investor
Relations Jonathan Chia, CA CFO 780-423-6931
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