2016 was yet another good year for Morneau Shepell – a fitting way to mark the Company’s 50th year in business. It was also my first full year as Chair of the Board of Directors. On behalf of the Board, I want to extend my appreciation to all our employees for their dedication and resiliency in ensuring the Company continued on its steady path of delivering solid business results.
In today’s human resources industry – increasingly globalized, relentlessly competitive, and evolving at an accelerated rate – Morneau Shepell has consistently sought to strike a balance between delivering results in the present while investing for future growth. A critical factor in our success in recent years has been the leadership of President and CEO Alan Torrie, who after 12 years with Morneau Shepell, and the past eight as President and CEO, announced his intention to retire from the Company, and its Board, effective May 4, 2017. Coincident with Alan’s retirement, Stephen Liptrap becomes President and CEO.
On behalf of the Board, I want to thank Alan for his significant contributions during his tenure as President and CEO, a period in which the Company’s revenues and market cap have each quadrupled, with the Company now on the S&P/TSX Composite Index. Significantly, under Alan’s direction, the Company expanded its geographic footprint well beyond its Canadian roots, notably in the U.S., while also repositioning as an innovation and technology leader. I have enjoyed working with Alan over the years and very much appreciated his insight and counsel to the Board. One of his most strategic contributions, in my view, has been building a strong executive team with deep bench strength, enabling the Company to transition to a new leader seamlessly.
In that regard, the Board is very pleased to welcome Stephen Liptrap as the Company’s President and Chief Executive Officer, formerly its Chief Operating Officer and, before that, the leader of one of its largest business units for six years. Stephen brings more than 25 years of senior executive experience to the role. Prior to joining the Company in 2008, his executive experience spanned a number of sectors, including retail, information technology and consumer packaged goods at large North American publicly-traded companies. We’re confident that Stephen’s exceptional leadership abilities, combined with his strong commitment to our employees, deep expertise in the human resources field and his trusted relationships with our clients will be invaluable in taking the Company forward into a new era of growth and profitability.
In closing, on behalf of the Board of Directors, I’d like to thank our shareholders, clients, employees and partners for their support in 2016.
Chair of the Board