Finning International said today that CEO Mike Waites will retire in 2013 and will not seek re-election as a director at Finning’s 2013 annual meeting of shareholders. Waites will continue to serve as president and CEO until a replacement is found in order to facilitate an effective transition. Finning chairman Doug Whitehead said the board of directors has retained an executive search firm to help find a successor to Waites, and will consider qualified internal and external candidates.
The 59-year-old Waites has led Finning International as president and CEO since May 2008. Before that, Waites served as executive vice president and chief financial officer of Finning International since May 2006.
“This is the right decision as I approach the fifth anniversary of my tenure as CEO,” said Waites. “I am confident that my decision comes at a time when Finning is well-positioned for continued success many years into the future.”
Finning is the world’s largest Caterpillar equipment dealer. Based in Vancouver, B.C., Canada, the company operates in western Canada, Chile, Argentina, Bolivia, Uruguay, the United Kingdom and Ireland. A major player in equipment rental, Finning ranks No. 9 on the RER 100.
