|By Marketwire .||
|March 6, 2013 07:50 PM EST||
EDMONTON, ALBERTA -- (Marketwire) -- 03/07/13 -- - Melcor Developments Ltd. (TSX:MRD)
Melcor's Board of Directors today announced that Ralph B. Young will retire as CEO effective July 2, 2013.
Timothy Melton, Executive Chairman of the Melcor Board reports: "Over the past several years, we have focused on developing the next generation of leadership for the company to ensure a seamless succession transition and to position the right leadership team to take the company forward. Against the backdrop of a record year and with eager anticipation for the future, we are now ready to make that transition. Effective July 2, 2013, Ralph Young will retire after 42 years of dedicated service to Melcor, most recently as CEO. He will continue in an advisory role and will remain on the Melcor Board of Directors."
"I would like to express deep gratitude to Ralph for his tremendous stewardship and guidance of Melcor for over four decades."
Ralph Young commented: "I am exceptionally proud of Melcor's achievements over our 90 year history. These results have been driven by the dedication and efforts of our employees and the trust placed in us by our shareholders, customers and the communities in which we do business. I have been extremely fortunate to have shared in the Melcor journey and I look forward to watching the new heights it will attain."
Brian Baker will be appointed President and CEO upon Ralph's retirement.
Brian currently serves as President and Chief Operating Officer of Melcor Developments. Ltd. Brian started with Melcor in 1997. In April of 2002, Brian was appointed Vice President of the newly formed Property Development division, which has developed and leased over 1.65 million square feet of office and retail space since 2003. He was promoted to Chief Operating Officer in June 2011 and to President and Chief Operating Officer in June 2012. Brian is a graduate of the University of Alberta (1995).
"I am excited at the opportunity to lead the company into its 90th year. We remain focused on setting and achieving strategic objectives, recruiting and training quality people and carefully managing our capital resources. Our end goal, as always, is the protection and growth of capital investment and the regular return of profits to our shareholders."
About Melcor Developments Ltd.
Melcor is a diversified real estate development and management company with a rich heritage of integrity and innovation in real estate since 1923.
Through four integrated operating divisions, Melcor manages the full life cycle of real estate development: from acquiring raw land, to community planning, to construction and development, to owning and managing leasable office, retail and residential sites. Melcor develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centres and golf courses.
Melcor's headquarters are located in Edmonton, Alberta, with regional offices throughout Alberta and British Columbia. Company developments span western Canada and the US. Melcor has been a public company since 1968 and trades on the Toronto Stock Exchange (TSX:MRD).
Melcor Developments Ltd.
President & COO
Melcor Developments Ltd.
Jonathan Chia, CA