Xebec Announces Succession Plan to Next Generation Leadership

Rhea-AI Summary

Xebec Adsorption Inc. (TSX: XBC) announced a leadership transition with Jim Vounassis appointed as President and CEO, and Mike Munro becoming COO, effective May 12, 2022. This follows the retirement of Kurt Sorschak as Chairman, President, and CEO. Vounassis and Munro joined Xebec in May 2021, bringing extensive experience from Bombardier and GE. Sorschak will remain on the Board to ensure continuity. The new leadership aims to drive strategic growth following a period of transformation in the cleantech sector.

Positive

• New CEO and COO experienced in global operations; Jim Vounassis from Bombardier and Mike Munro from GE.
• Sorschak's continued involvement on the Board provides continuity and strategic insight.

Negative

• None.

- Jim Vounassis and Mike Munro to assume CEO and COO roles as of May 12, 2022 -

MONTREAL--(BUSINESS WIRE)-- Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of sustainable gas technologies, announces today that Kurt Sorschak will retire as Chairman, President and CEO effective May 12, 2022, at the company’s 2022 annual meeting of shareholders. Jim Vounassis will concurrently be appointed President and CEO of Xebec. At the same time, Xebec’s current VP Global Operations, Mike Munro, will assume the role of COO.

Mr. Sorschak will remain a member of the Board of Directors to enable a smooth transition and for Xebec to continue benefiting from his experience as the company’s founder and alignment as a meaningful shareholder. This plan will ensure continuity while supporting management in executing the next phase of the company’s strategic growth plan.

Highlighting bench strength of incoming leadership who will drive Xebec’s future
In preparation for this transition to new leadership, Mr. Vounassis and Mr. Munro joined Xebec in May 2021 as senior executives with a credible history in driving organizational performance.

Mr. Vounassis has a proven track record in leading global and complex organizations in meeting their transformational vision and goals. He was most recently COO at Bombardier Transportation (TSX: BBD.B), now part of Alstom, one of the world’s largest rail equipment manufacturing companies. Mr. Vounassis was responsible for the operations aspects of the $8 billion revenue business and empowered over 15,000 employees to deliver innovative rail solutions across global markets. Prior to this, he held executive positions at Pharmascience, Baker Hughes, and Pratt and Whitney.

Mr. Munro is an award-winning senior executive with a record in managing North American based businesses with strong expertise in business development, operations and strategic planning. With a longstanding career at GE in the Energy, Oil & Gas, and Power businesses, as Vice President and General Manager of several business units, Mr. Munro is highly recognized for his seamless approach in driving organizational transformation and establishing solid ground for turnarounds that heighten business performance.

“On behalf of Xebec's employees, management team, and Board of Directors, I want to sincerely thank Kurt for his 18 years of dedication and service as President and CEO in which he oversaw Xebec become the cleantech success it has become today,” stated Bill Beckett, Lead Director of the Board at Xebec Adsorption Inc. “Under Kurt’s leadership over the last almost two decades, the company has evolved from a small Québec-based manufacturing outfit to a global renewable gas player with thousands of customers, a physical presence across four continents and most importantly, a commercial ready technology portfolio to transition us to a clean energy future.”

“Xebec is launching off a solid foundation for its next leg of growth, and we are excited to see Jim and Mike thrive in their new roles as they both ensure an orderly transition and prepare to leverage their experience as proven executives. The management team looks forward to building off the cleantech vision that Kurt instilled when he founded the company 2004,” he added.

“It has been an honour to serve Xebec as its first President and CEO,” said Kurt Sorschak, Chairman, President and Chief Executive Officer at Xebec Adsorption Inc. “I have really enjoyed my time helping the team execute our vision to build a worldwide sustainable gas technology leader that will make an impact in the fight against climate change. I look forward to supporting Xebec’s new leadership from the Board level and would like to thank all our employees, customers and investors in their continued support throughout our journey,” he continued.

Related links:
https://www.xebecinc.com

About Xebec Adsorption Inc.
Xebec is a global provider of sustainable gas solutions used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with eight manufacturing facilities, thirteen Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.

Cautionary Statement
This press release contains forward-looking statements within the meaning of applicable Canadian securities law. These statements relate to future events or future performance and reflect the expectation of Management regarding the growth, results of operations, performance and business prospects and opportunities of the Corporation or its industry. Forward-looking statements typically contain words such as “believes”, “expects”, “anticipates”, “continues”, “could”, “indicates”, “plans”, “will”, “intends”, “may”, “projects”, “schedules”, “would” or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words.

These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties that may cause the Company’s actual results, level of activity or performance to be materially different from any future results, levels of activity or performance expressed in or implied by these forward-looking statements. These risks include, generally, risks related to the ability of the Corporation to execute its strategy, operating results, purchasing third party supplies for key materials and components in a timely and cost effective basis, industry and products, technology, competition, ability to attract and retain qualified personnel, ability to manage successfully the anticipated expansion of our operations, the economy, the sufficiency of insurance and other factors which are discussed in greater details in the most recent quarterly management discussion and analysis (“MD&A”) and in the Annual Information Form of the Corporation filed on SEDAR at www.sedar.com.

Forward-looking statements contained herein are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this press release, including, without limitations, assumptions about trends in certain market segments, the economic climate generally, the pace and outcome of technological development, the identity and expected actions of competitors and customers, the value of the Canadian dollar and of foreign currency fluctuations, interest rates, the anticipated margins under new contracts awards, the state of the Corporation’s current backlog, the regulatory environment, and the procurement of key material and components of products. If these assumptions prove to be inaccurate, the Corporation’s actual results may differ materially from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except to the extent required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein. Readers should not place undue reliance on forward looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220208006135/en/

Investor Relations:

Xebec Adsorption Inc.

Brandon Chow, Director, Investor Relations

bchow@xebecinc.com

+1 450.979.8700 ext 5762

Source: Xebec Adsorption Inc.

FAQ

Who are the new leaders at Xebec Adsorption Inc. as of May 12, 2022?

Jim Vounassis is appointed President and CEO, while Mike Munro becomes COO.

What role will Kurt Sorschak have after retiring as CEO of Xebec?

Kurt Sorschak will remain a member of the Board of Directors to aid in the transition.

When did the leadership transition at Xebec Adsorption Inc. take place?

The transition occurred on May 12, 2022, at the annual meeting of shareholders.

What experience do Jim Vounassis and Mike Munro bring to Xebec Adsorption Inc.?

Jim Vounassis has a background from Bombardier, and Mike Munro has extensive experience from GE.

What is Xebec Adsorption Inc.'s stock symbol?

Xebec trades on the Toronto Stock Exchange under the symbol XBC.