Linamar announces leadership changes; provides market update
January 20, 2022 by Sukanya Ray Ghosh
Linamar Corporation recently announced leadership changes, following the passing of Frank Hasenfratz, founder and executive chair of the company. The company’s board of directors has announced that CEO Linda Hasenfratz has been elected as its executive chair.
Linda is taking over the title and responsibilities of executive chair in addition to her CEO duties.
“Linda has been mentored by Frank her entire life and professional career. We are confident in her ability to assume the responsibilities of executive chair and keep the company focused to execute its strategy and achieve its goals. There is no better candidate to succeed Frank,” said Terry Reidel, chair of the human resource and governance committee.
Additionally, Jim Jarrell, president and chief operating officer of Linamar has been appointed to the position of director of the corporation. He will remain in place until an election of directors is held at the 2022 company’s Annual General Shareholders’ meeting.
“Jim has been with Linamar for over 30 years and as the chief operating officer of Linamar since 1999, working closely with both Linda and Frank. He is a key leader of the company and will help ensure that Linamar, its management team and its board are able to smoothly transition and keep the company operating effectively,” added Reidel.
Both appointments are effective immediately.
Linamar also provided market update for the fourth quarter of 2021, commenting on other recent industry developments. A presentation deck highlighting the details is available and has been posted to Linamar’s website at www.linamar.com/investors under the section titled Reports, Presentations and Public Filings, or directly through the following link https://www.linamar.com/wp-content/uploads/2022/01/Q4-2021-Mid-Quarter-Market-Update.pdf.
In summary, Linamar notes that the markets are largely in line with what was expected at the Q3 2021 release, but supply chain and labour availability constraints have further deteriorated, impacting both revenue and margins materially negatively, most notably in the industrial segment.