The Manitou Group board of directors announced on Jan. 8 that Dominique Bamas, president and CEO, had resigned. Bamas was appointed on an interim basis on March 6, 2013, and is resigning in accordance with the agreements made with the board in order to permit the appointment of Michel Denis as the new president and CEO.
Denis assumed his functions as of Jan. 13, 2014, for a four-year-term expiring at the shareholders' meeting for the approval of 2017 financial statements.
The board members unanimously expressed their appreciation to Bamas for having managed this interim period in the group's best interests. In a context that required redefining priorities, it was essential to facilitate the return to increased operating performance, while reaffirming the close human relationships with co-workers, dealers and customers.
Marcel Braud, chairman of the board said: “First of all, I would like to express my gratitude to Mr. Bamas for the work accomplished in nearly a year. After having assisted the board for several years as a director, he made himself available at a pivotal moment in our history that required a realignment between profitability and development. During this period he stabilized financing for the next five years, reduced the debt and initiated a combination of optimization programs and developments from which the group should benefit in the upcoming years. It is our pleasure to welcome Mr. Denis whose appointment marks a new chapter in the history of Manitou.