Uni-Select Inc. announced today the departure of president and CEO Henry Buckley, effective immediately. Buckley also stepped down as a member of the board of directors of Uni-Select.
André Courville, chair of the board, will serve as interim president and CEO, and therefore has stepped down as chair and as a member of all committees, but will remain a member of the board of directors. As a result, some board member roles and responsibilities will change, Uni-Select has reported: Michelle Cormier has been nominated chair of the board and has stepped down from her role as chair of the audit committee. In addition, Richard Roy has been nominated as chair of the audit committee.
Uni-Select also announced the appointment of Chris Adams as president and chief operating officer of FinishMaster Inc., effective immediately, to replace Steven Arndt, who is leaving FinishMaster after more than 25 years of service.
Since joining the FinishMaster team recently, Adams has been responsible for all U.S. branches and has led all sales and marketing efforts in the United States. Previously, Adams held senior positions at ABRA Auto Body & Glass LP, a major multi-shop operator in the collision repair industry. Prior to that, he was in senior executive roles at Pep Boys and Enterprise Rent-A-Car.
“We thank Henry for his years of service and loyalty to Uni-Select and wish him well in his future endeavors. In his long career at FinishMaster, Steve has had an undeniable contribution to the success of creating a market leader in the refinish market and we wish him all the best. Finally, we believe Chris is the right leader to drive FinishMaster forward,” said Courville.
Chris Adams along with Brent Windom, president and chief operating officer, Canadian Automotive Group, and Peter Sephton, president and CEO, European Automotive Group, will continue to lead the day-to-day operations, reporting to the interim president and CEO, with the ongoing support of Eric Bussières, chief financial officer.
Updated Guidance
Uni-Select is revising its previously disclosed guidance as follows: While FinishMaster’s organic sales growth is trending positively, it is no longer expected to reach the level previously indicated for the full year. As a result, FinishMaster’s expected full year 2018 organic sales growth is revised down from 2 to 4 percent to 0.5 to 2 percent. The Canadian Automotive Group’s expected full year 2018 organic sales growth is revised down from 0 to 2 percent to 0.0 to 1.5 percent. The Parts Alliance UK’s expected full year 2018 organic sales growth is revised up from 5 to 7 percent to 6 to 8 percent. Consequently, the consolidated organic sales growth guidance is revised down from 2.25 percent to 4 percent to 0.8 to 2.6 percent and the consolidated EBITDA margin is revised down from 7.2 to 8.2 percent to 6.75 to 7.25 percent.
Strategic Alternatives Review
Uni-Select also announced the formation of a special committee of independent members of the board of directors to oversee a review of strategic alternatives. The special committee has a mandate to work with the board and management to identify, review, analyze and evaluate strategic alternatives. J.P. Morgan Securities LLC and Fasken Martineau DuMoulin LLP have been engaged as financial adviser and legal counsel, respectively, to the board and the special committee in connection with this process.
Uni-Select has not set a definitive schedule to complete the review of strategic alternatives. Given the nature of the process, the company says it does not intend to provide updates until the board has approved a definitive transaction or strategic alternative, or otherwise determines that further disclosure is appropriate.
