Chorus Aviation Announces President & Chief Executive Officer Succession
HALIFAX, NS, Sept. 14, 2022 /CNW/ – The Board of Directors of Chorus Aviation Inc. (‘Chorus’ or the ‘Company’) (TSX: CHR) announced today that Joseph (Joe) Randell plans to retire as President and Chief Executive Officer, in the first quarter of 2023, following the Company’s reporting of its 2022 year-end results. His retirement will follow a 37-year leadership career in regional aviation. Upon Mr. Randell’s retirement, Colin Copp, currently the Chief Operating Officer, Chorus and President, Chorus Aviation Services, will be appointed President and Chief Executive Officer of Chorus.
"I am delighted to announce Colin Copp as our next CEO," said Paul Rivett, Chair of the Chorus Board of Directors. Mr. Rivett continued, "Chorus is fortunate to have a CEO successor in Colin Copp, with such an in-depth knowledge of the business and its culture. Colin has played an instrumental role in Chorus’ evolution, displaying a proven ability to think strategically, to communicate his vision and to successfully execute on the intended plans. The Board looks forward to working with Colin and is confident in Colin’s ability to guide Chorus through the next exciting chapter of growth and diversification."
Mr. Copp has been the Chief Operating Officer of Chorus and President of Chorus Aviation Services, including Jazz Aviation and Voyageur Aviation, since March 2019. Previously, he was the President of Jazz Aviation. He has been with the Company and its predecessors for over 30 years, with leadership experience in key roles across operations, administration, and labour relations. Colin holds a Masters’ Degree in Business Administration, is a Certified Negotiator and Chartered Mediator and holds a designation from the Institute of Corporate Directors (ICD.D). He is currently a Board member of the Air Transport Association of Canada and the Aerospace Industries Association of Canada.
"Colin has been an integral member of my leadership team for almost two decades and has proven to be an exemplary leader with demonstrated skills in handling complicated change management issues and multi-stakeholder negotiations," said Joe Randell. "He has built strong relationships across the aviation industry and elevated Jazz and Voyageur to new levels of performance. I am confident Colin will adeptly and successfully lead Chorus through the next transformative phase, and I look forward to working closely with Colin, and the rest of the executive team, as he transitions to the CEO role."
Mr. Randell’s regional aviation career spans four decades. He was the founding President of Air Nova, having started the Atlantic Canada-based airline in 1986 with two aircraft serving five destinations. He will retire having built a global company with approximately 5,000 employees, which includes the largest regional airline in Canada, a market leading aircraft asset management company and the world’s largest aircraft lessor solely focused on the regional segment. Mr. Randell has provided stable leadership and successfully executed a long-term vision for Chorus through the most challenging periods for the aviation industry. In 2020, he was inducted into the Canadian Aviation Hall of Fame in recognition of his significant contribution in advancing Canadian aviation.
"Joe is widely recognized as the founder and builder of regional aviation in Canada," said Mr. Rivett. "He has been a true visionary, continuing to re-invent the business through various cycles and trends in the industry. Joe is equally respected for his ethics and integrity, which has resulted in many strong industry and community relationships and partnerships. His own personal values have shaped an award-winning corporate culture. On behalf of the Board and the employees of the Chorus companies, I thank Joe for his long-standing dedication and commitment, including his support through the upcoming transition."
Chorus’ vision is to deliver regional aviation to the world. Headquartered in Halifax, Nova Scotia, Chorus is an integrated provider of regional aviation solutions, including asset management services. Its principal subsidiaries are: Falko Regional Aircraft, the world’s largest asset manager and aircraft lessor focused solely on the regional aircraft leasing segment; Jazz Aviation, the sole provider of regional air services to Air Canada; and Voyageur Aviation, a provider of specialty air charter, aircraft modification, and parts provisioning services to regional aviation customers around the world. Together, Chorus’ subsidiaries provide support services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Chorus 6.00% Senior Debentures due December 31, 2024, 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB’, ‘CHR.DB.A’, ‘CHR.DB.B’, and ‘CHR.DB.C’ respectively. www.chorusaviation.com.
This news release contains ‘forward-looking information’. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "potential", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including the factors identified in Chorus’ public disclosure record available at www.sedar.com and the risk factors identified in Chorus’ Annual Information Form dated February 16, 2022 (as updated by the risk factors identified in Chorus’ Management’s Discussion and Analysis of Operations and Financial Condition dated May 5, 2022). In particular, it is possible that the executive changes described in this news release fail to materialize on the terms currently contemplated or at all. Statements containing forward-looking information represent Chorus’ expectations as of the date made (or as of the date they are otherwise stated to be made) and are subject to change after such date. Chorus disclaims any intention or obligation to update or revise such statements to reflect new information, subsequent events or otherwise, unless required by applicable securities laws.
SOURCE Chorus Aviation Inc.