Tenet CFO Jean Landreville to Retire from Role at the End of 2024

Rhea-AI Summary

Tenet Fintech Group (CSE: PKK) (OTCQB: PKKFF) announced that CFO Jean Landreville will retire at the end of 2024 due to health reasons. Landreville, who served as CFO since January 2018, helped scale the company's annual revenue from CAD$1.6M to over CAD$100M in less than 4 years, leading to a CAD$1.1B market capitalization in summer 2021.

Maxime Couturier, who joined as Director of Finance in September 2024, will succeed Landreville as CFO starting January 1, 2025. Couturier, a CPA, brings experience from KPMG, Triton Advisory Services, and has held fractional CFO roles in software companies. Landreville will remain as a consultant through April 2025 to support the transition.

Positive

• Revenue growth from CAD$1.6M to CAD$100M+ under Landreville's tenure (2018-2021)
• Smooth transition plan with new CFO already in place
• Retiring CFO to remain as consultant through April 2025 ensuring continuity

Negative

• Loss of experienced CFO who guided company through challenges
• CFO departure due to health reasons raises potential succession concerns

Toronto, Ontario--(Newsfile Corp. - December 22, 2024) - Tenet Fintech Group Inc. (CSE: PKK) (OTCQB: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider, owner and operator of the Cubeler® Business Hub, today announced that Mr. Jean Landreville will retire from his position as the Company's CFO at the end of the 2024 calendar year for health reasons.

Mr. Landreville has served as Tenet's CFO since January 2018. During his tenure at Tenet, he played a pivotal role in helping guide the Company through several challenges in both China and Canada, allowing Tenet to scale its annual revenue from CAD$1.6M in 2018 to over CAD$100M in less than 4 years, leading to a market capitalization of CAD$1.1B in the summer of 2021. Following a brief month and a half hiatus, he returned as the Company's CFO in the summer of 2023 to help continue to build the foundation of Tenet's data-driven business model and North American operations.

Mr. Landreville notified the Company's Board of Directors of his health issues in the summer of 2024 and of his intension to retire at the end of the year if a suitable replacement could be found to replace him as the Company's CFO. Tenet hired Mr. Maxime Couturier as the Company's Director of Finance in September 2024 with the expectation that he would eventually succeed Mr. Landreville as Tenet's CFO, a role that Mr. Couturier will officially occupy as of January 1, 2025.

Holder of the Chartered Professional Account (CPA) designation, Mr. Couturier will bring a diverse skill set to the CFO position at Tenet. His professional career began at KPMG, where he went from audit and certification to the firm's due diligence department, conducting multiple buy-side due diligence processes for mid-market transactions across various industries, including software and SaaS model companies. Following his tenure at KPMG, he joined Triton Advisory Services, an international boutique advisory firm, where he took part in several significant multi-million-dollar divestitures in the mining sector in Europe and Canada. Additionally, he contributed to business advisory projects, helping clients improve processes and reporting to prepare for public offerings. Most recently, just before joining Tenet, he occupied several fractional CFO and controllership roles with companies operating in the software industry, including a number of publicly traded companies.

"While we are thrilled to have Mr. Couturier as our new CFO, no longer having Mr. Landreville in that role will take some adjusting," commented Tenet CEO Johnson Joseph "I want to thank Mr. Landreville for his invaluable contributions to Tenet. We still have some work to do to get the Company to where we believe it has the potential to be, and we are confident that we can achieve this thanks to Mr. Landreville's efforts and commitments, particularly during the Company's most difficult periods. He will be greatly missed. That's why we are very thankful that he has agreed to remain a consultant with the Company through the end of April 2025 to support Mr. Couturier as he transitions into his new role".

About Tenet Fintech Group Inc.:

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.

For more information, please contact:

Tenet Fintech Group Inc.

Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
investors@tenetfintech.com

CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
cathy@chfir.com

Follow Tenet Fintech Group Inc. on social media:
X: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech

Forward-looking information

Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Tenet to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics and COVID-19; legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by Tenet with securities regulators in Canada. Reference should also be made to Management's Discussion and Analysis (MD&A) in Tenet's annual and interim reports, Annual Information Form, filed with Canadian securities regulators and available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at www.sedarplus.ca, for a description of major risk factors relating to Tenet. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234890

FAQ

When will Jean Landreville retire as CFO of Tenet Fintech (PKKFF)?

Jean Landreville will retire as CFO of Tenet Fintech at the end of 2024.

Who will be the new CFO of Tenet Fintech (PKKFF) after Landreville's retirement?

Maxime Couturier will become the new CFO of Tenet Fintech effective January 1, 2025.

What was Tenet Fintech's (PKKFF) revenue growth under CFO Jean Landreville?

Under Landreville's tenure, Tenet's annual revenue grew from CAD$1.6M in 2018 to over CAD$100M in less than 4 years.

How long will Jean Landreville stay as consultant for Tenet Fintech (PKKFF) after retirement?

Landreville will remain as a consultant through the end of April 2025 to support the transition.

What is the background of Tenet Fintech's (PKKFF) new CFO Maxime Couturier?

Maxime Couturier is a CPA with experience at KPMG, Triton Advisory Services, and has held fractional CFO roles in software companies.