06:18:33 EDT Wed 24 Apr 2024
Enter Symbol
or Name
USA
CA



Finning International Inc
Symbol FTT
Shares Issued 153,621,347
Close 2022-09-30 C$ 24.28
Market Cap C$ 3,729,926,305
Recent Sedar Documents

Globe says Finning's Kvisle cleans up for CEO Thomson

2022-10-03 08:16 ET - In the News

Also In the News (C-BNS) Bank of Nova Scotia

The Globe and Mail reports in its Monday edition that a few years ago, Finning International started using a new inventory management software program in Chile. The Globe's Niall McGee and James Bradshaw write that the idea was to modernize and digitize an antiquated system. The rollout did not go well. Finning board chairman Hal Kvisle said last week that the implementation of the software was "rough and rocky," and that it was "troubling and irritating to some of our customers, and driving our own people crazy." The rollout hurt Finning's shares, and some money managers threw in the towel. First Avenue Investment Counsel's Brian Madden cashed out his client's positions in the spring of 2019. He said he was tired of "the profit misses, the tepid growth and the inventory systems problems." While the problems with the software system occurred deep into the tenure of chief executive officer Scott Thomson, Mr. Kvisle defends his handling of the situation, saying he took ownership of the problem promptly, and appointed a special group in Chile to fix it. "All of the bumps in the road were smoothed out within about six or eight months," he said. Last week, Bank of Nova Scotia named Mr. Thomson its next CEO.

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