AutoCanada Inc. announced the retirement of Gordon Barefoot from the Board of Directors, effective August 9, 2018 (concurrent with the next regularly scheduled Board meeting). The Company also announced the retirement of Michael Ross from the Board of Directors, effective immediately. Mr. Barefoot was Chair of the Board and served as an AutoCanada director for the last 12 years. He has recently been appointed to an executive role at a leading North American utility company and is no longer able to dedicate the requisite time to AutoCanada to fulfill his role as a Director. Paul Antony has been appointed as Board Chair and will begin transitioning into that role immediately. Mr. Antony is the President and CEO of MAP Investco and the founder, former CEO and Chair of CARPROOF Corporation. He will also serve as the Chair of the recently formed special committee tasked with completing a strategic review. Mr. Ross is retiring from the Board of Directors and his role as Chair of the Governance and Compensation Committee after 11 years. Mr. Ross had tendered his resignation for personal reasons prior to the recent shareholder news release but was asked to stay on and help establish a special committee. AutoCanada does not intend to appoint new Directors to fill the vacancies created from the retirement of Mr. Barefoot or Mr. Ross. The Company will announce a new Chair of the Governance and Compensation Committee in the future.
AutoCanada Inc. is a Canada-based multi-location franchised automobile dealership company. The Company offers a diversified range of automotive products and services, including new vehicles, used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, extended service contracts, vehicle protection products, after-market products and auction services. The Company also arranges financing and insurance for vehicles purchased by its customers through third-party finance and insurance sources. Its segments include Canadian Operations and U.S. Operations. It operates 83 franchised dealerships, comprising of 28 brands, in eight provinces in Canada as well as a group in Illinois, United States of America. It sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Acura, and Honda brands.