MFC Industrial’s board of directors has appointed James Carter as CFO, Peter Kellogg as chairman and Shuming Zhao as a director of the company to fill the vacancy created as a result of the recent passing of Ian Rigg.
Carter is a chartered accountant with over 40 years of experience in both public and private companies, with an emphasis on the commodities sector and international business markets. Carter has served as Vice-President of MFC for over 15 years. Carter has also served as an officer and director of a number of private and publicly traded companies.
MFC has announced that it is continuing its search for a new CEO and that Michael Smith currently intends to retire as CEO after the annual meeting of the company, which is scheduled for the end of this year. Smith will continue as a director of MFC and plans to work with the board in searching for his successor.
The board of directors of MFC has also determined to declassify its board structure so that all directors will be elected on an annual basis and terminated the company's shareholder rights plan agreement dated 11 November 2013.
MFC recently declared an annual cash dividend for 2014 of $0.24 per common share. Payment and ex-dividend dates and additional information regarding the dividend will be announced in the coming weeks.
