Two former CEOs of Clearford have resigned from the company’s board of directors, the Ottawa-based water infrastructure company announced on Wednesday.
© Supplied photo
Kevin Loiselle, Clearford's new CEO.
John Kelly and Bruce Linton have both stepped down from their roles. Meanwhile Kevin Loiselle, the current president and CEO, has joined the board.
"We thank John and Bruce for their contributions to Clearford, both as former CEO and as Director, and we look forward to the contribution as a Director of our President and CEO Kevin Loiselle" said Rod Bryden, the board’s chairman, in a statement.
The company also announced that it would issue 1.6 million treasury shares to its directors. The shares are valued at $0.125.
"As a means to preserve its working capital cashflow, the Board of Directors have agreed to take a portion of their outstanding director's fees in cash," Mr. Loiselle said in a statement.
Mr. Loiselle took over as CEO in early January 2013, with a goal to make the company profitable within a year.
Mr. Kelly was president and CEO of Clearford from August 2008 until July 2009, when Mr. Linton took over both roles. He stepped down as president May 28, 2012 and was CEO until Jan. 3, 2013.
During its second quarter of 2013, which ended on June 30, Clearford reported a net loss of $922,691.