Spark Power Announces New Senior Leadership Team and Financial Impact of Organizational Changes
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OAKVILLE, ON / ACCESSWIRE / January 29, 2021 / Spark Power Group Inc. (TSX:SPG)(OTC PINK:SKPGF) ("Spark" or "Company") is pleased to announce a new senior leadership team and renewed focus on the business' operations. This decision will help to flatten the Company's structure and continue to move the organization towards a Field Focused Operating Model that prioritizes field efforts and customer service.
"I'm honored to lead this great company to new heights. We will continue to aggressively grow the renewables and sustainability business segments and renew our focus on our core technical services," says Richard Jackson, Spark Power's recently appointed President & CEO. "Under Jason Sparaga and Andrew Clark's leadership, Spark grew into a leading provider of power services across Canada and the U.S. building on this foundation. We are putting in place a leaner leadership team with diverse skillsets. With this new streamlined approach, we have taken advantage of additional integration opportunities and created a much simpler and more scalable structure that prioritizes safety and operations while continuing to support our current growth strategy," says Jackson.
The impact of this focus and other organizational changes, along with declines in ancillary non-personnel related costs, are expected to reduce selling, general, and administration (SG&A) costs by $5.0 to $6.0 million in fiscal 2021.
"Managing our SG&A costs continues to be a key focus for the Company," says Dan Ardila, Executive Vice President & Chief Financial Officer. "We believe that the optimal level of SG&A costs required to effectively support our existing business and growth plans is between 15% to 18% of revenue," says Ardila. "These changes will put us on track to realize this goal based on our expectations for fiscal 2021."
The Company expects to incur severance-related costs of $2.1 million, of which approximately $1.5 million will be paid in salary continuance throughout fiscal 2021.
As part of this recent restructure, Spark Power is pleased to name the following individuals as members of its senior leadership team:
- Richard Jackson, President & Chief Executive Officer
- Dan Ardila, Executive Vice President & Chief Financial Officer
- Eric Waxman, Co-Founder & Chief Investment Officer
- Roland Van Olst, Executive Vice President, Eastern Canada
- Cody Zaitsoff, Executive Vice President, Western Canada & U.S.A.
- Grayson Swan, Executive Vice President, Renewables
- Sean Drygas, Vice President, Sales, Marketing, Strategy & Sustainability
- Morgan Cowl, Vice President, Operations
- Najlaa Rauf, Vice President, People & Culture (HR)
- Courtney Quinn, Vice President, Finance
- Michael Mah, Vice President, Information Technology
About Spark Power
Spark Power, a wholly owned subsidiary of Spark Power Group Inc. (TSX: SPG), is a leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power". Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. The forward-looking statements in this news release, which include statements by Messr. Jackson respecting business integration opportunities and by Messr. Ardila, with respect to the positive impacts expected by the changes, the timing to achieve the SG&A target and severance related costs. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor and Regulatory Inquiries
Dan Ardila, Executive Vice President & Chief Financial Officer
+1 (905) 829-3336 x127
Kim Samlall, Director, Marketing Communications
+1 (905) 829-3336 x185
SOURCE: Spark Power Group Inc.
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