Talisman Energy Inc. (TSX:TLM) CFO Scott Thomson has been recruited to replace outgoing Finning International (TSX:FTT) CEO Mike Waites, who is retiring.
Thomson will officially assume the CEO role June 17.
"Scott's international experience, broad financial capabilities and considerable strategic acumen complement the leadership team's existing breadth and operational strength," said Finning board chairman Doug Whitehead.
"His knowledge and background, along with an energetic leadership style, make him well-equipped to build on our successful track record of creating value at Finning over the long term."
Prior to joining Finning, Thomson held executive positions with Bell Canada Enterprises (TSX:BCE) and Goldman, Sachs and Co. (NYSE:GS).
Thomson will be stepping into a company with a healthy balance sheet.
According to the company's first-quarter financials, Finning's revenues increased 8% to $1.6 billion. The company increased its quarterly dividend by 9% to $0.1525 per share, "reflecting the expectation for earnings growth and strong free cash flow potential."
Headquartered in Vancouver, Finning is the world's largest Caterpillar equipment dealer.
