Vancouver, B.C. – West Fraser announced today Ted Seraphim’s plan to retire as Chief Executive Officer at the end of the second quarter of 2019. West Fraser also announced today the appointment of Ray Ferris, Executive Vice-President and Chief Operating Officer, as President and Chief Operating Officer effective immediately. Ray will be appointed Chief Executive Officer upon Ted’s retirement next year.
Hank Ketcham, Chairman of West Fraser’s Board of Directors, said: “This is an important step in the implementation of our CEO succession plan. Ray has worked closely with Ted for many years and has demonstrated tremendous leadership in executing our operating and capital plans.”
Ted Seraphim added: “His leadership, experience and proven commitment to people, safety, operational excellence and maintaining our culture will continue to drive our Company forward. I know that I speak on behalf of all our employees in saying how pleased we are that Ray will be our next CEO.”
Ray Ferris has been with the Company since 1997 and has progressed through a series of key leadership roles. He was appointed West Fraser’s Executive Vice-President and COO in 2016 and before that served in several executive positions including as Vice-President, Wood Products, Vice-President, Solid Wood and Vice-President, Lumber Operations. He holds an engineering degree and has extensive manufacturing experience in the forest industry.
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States.
West Fraser shares trade on the Toronto Stock Exchange under the symbol: “WFT”.
This News Release contains certain forward-looking statements about potential future developments, in particular those relating to the announced retirement of Mr. Seraphim, the transition plan and appointment of Mr. Ferris as CEO and the timing of such events and developments. Readers should exercise caution in relying upon forward-looking statements and West Fraser undertakes no obligation to publicly revise them to reflect subsequent events or circumstances except as required by applicable securities laws.