News

MONTREAL, QUEBEC

Velan appoints Mr. Yves Leduc as President Montreal, January 13, 2015/ Velan Inc. (“Velan”) (TSX:VLN) is pleased to announce that Mr. Yves Leduc has been appointed President of the company and he will report to Tom Velan, CEO and formerly President. He will be joining Velan on January 26th, 2015.

Until recently, Mr. Yves Leduc was a corporate officer at BRP Inc (“BRP”) (TSX:DOO), as Vice President General Manager of its North American business since 2006. In his sixteen years as member of BRP’s senior management team, he built a broad experience taking on the responsibility for most business units, as well as for the key business functions of the company, including manufacturing, new product development, logistics, sales and marketing. Mr. Leduc also brings an international experience, having spent six years in Europe, leading the Austrian engine division and spearheading several strategic manufacturing projects in Asia and Latin America. The divisions under his leadership have sustained a track record of delivering lasting process and operational improvements, while achieving market share and sales growth that consistently outperformed competitors. In his previous careers, he worked at McKinsey and Company as a management consultant working on projects in North America and Europe, and as an attorney at Stikeman Elliott in Montreal. He is fluently trilingual (French, English, German).

As part of Velan’s leadership succession planning process a Leadership and Talent Committee of the board of directors was formed and the Committee hired Egon Zehnder, an executive search firm, to help with the search for a new President. During the process the Committee considered a number of highly qualified internal and external candidates. Mr. Leduc was recommended by Egon Zehnder and by the Committee and selected by the Board of Directors to become the next Velan President.

Tom Velan, CEO stated “I am very happy that we have found such a talented leader to join our company and I believe that he will have a very positive impact on the future of the company. For the starting period, Yves will have responsibility for Velan North America as well as for some specific tasks with a global scope. He will take on increasing global and corporate responsibilities as he gains knowledge and experience about our company.”

Bill Sheffield, Chairman of the Leadership and Talent Committee, stated “I was very pleased with the process we followed under the guidance of Egon Zehnder. Our committee consisted of two Velan family directors and two independent directors. After many meetings and interviews we found that Yves Leduc was the unanimous choice of the committee. I believe that Yves is an exceptional leader and a very good fit with our succession plan.”

Yves Leduc stated “I am excited and very proud to join the ranks of Velan, a company founded over sixty years ago in Montreal, having become a global leader thanks to an incredibly strong brand reputed worldwide for its product and knowhow, its entrepreneurial culture, and its engaged and passionate employees. I see that the company is well positioned for further growth and I look forward to working with the team and contribute to its future success. Last but not least, I wish to thank both the Board and the Velan family for entrusting me with the responsibility.”

About Velan
Velan Inc. (www.velan.com) is a world-leading manufacturer of industrial valves with sales of $489 million in its last reported fiscal year. The Company employs over 2,000 people and has manufacturing plants in 10 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Safe harbour statement
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

T.C. Velan
Chief Executive Officer