MONTREAL, April 18,
2022 /CNW Telbec/ - Velan Inc. (TSX: VLN) (the
"Company"), a world-leading manufacturer of industrial valves, is
pleased to announce the appointment of Rishi Sharma who will begin today as Executive
Vice President Finance and will undertake his official
responsibilities as Chief Financial Officer on May 23, 2022. He will be a key member of the
Company's Executive Management team and will succeed Benoit Alain, who will be leaving the company
effective May 23, 2022, following his
resignation in December 2021. Mr.
Sharma will report directly to Bruno
Carbonaro, President & CEO, as well as Suzanne Blanchet, Chair of the Audit Committee
of Velan Inc.
Rishi Sharma began his career at
Deloitte & Touche in 2005 and progressed to lead finance
departments in the aerospace and rail manufacturing industry
through senior roles across Alstom SA and Bombardier since
2008.
At Bombardier, he held successive roles in various Finance
departments including Global Risk Assessment and Audit; Head of
Finance for the Pilot and Technical Training business unit, where
he played a key role in the sale of the business to CAE; a
Global Financial Planning & Analysis Process and IT System
Transformation role - implementing SAP Business Planning &
Consolidation across the globe; Head of Strategic Finance, Planning
& Analysis at the Aerostructures and Engineering Services
Business unit where he was instrumental in the acquisition of the
Global 7500 business aircraft wing business; and finally as Global
Head of Strategic Finance, Financial Planning and Analysis at
Bombardier Transportation and based in Berlin, Germany where he was a key player in
orchestrating the 5.5B Euro sale of
the business to Alstom SA in France.
Following the sale of the Transportation business on
January 2021, Rishi joined Alstom SA
as the Vice President Finance, Services Product Line - a
multi-billion Euro revenue business offering with thousands of
employees and a commercial footprint spanning the globe. He was
responsible for the strategic financial direction of the business
from a product line and offering perspective along with a critical
influential role across the globe with the regional business
teams.
Rishi is a Chartered Professional Accountant (CPA) and has a
bachelor's degree in commerce with a Major in Accounting and Minor
in Corporate Finance from the John Molson School of Business at
Concordia University. He also holds a Graduate Diploma in
Chartered Accountancy from the John Molson School of Business.
Rishi will assume leadership of Velan's global finance
department, bringing along his complete finance and business
leadership experience, which includes having carried out multiple
M&A transactions throughout his career.
Bruno Carbonaro, President &
CEO of Velan Inc., said, "Rishi is joining Velan with a track
record, deeply relevant to both our business and strategic
orientation. I look forward to seeing him lead our Finance
department, immediately contributing to the success of our
Company."
"I am humbled and privileged to join such a flagship
Quebec company and team here back
in Montreal. I look forward to
driving the growth and strategic ambitions of the company as we
bring it to the next level of operational and financial
performance," said Rishi Sharma.
About Velan
Founded in Montreal in 1950,
Velan Inc. (www.velan.com) is one of the world's leading
manufacturers of industrial valves, with sales of US$302.1 million in its last reported fiscal
year. The Company employs close to 1,700 people and has
manufacturing plants in 9 countries. Velan Inc. is a public company
with its shares listed on the Toronto Stock Exchange under the
symbol VLN.
Safe harbour statement
This news release may include forward-looking statements, which
generally contain words like "should", "believe", "anticipate",
"plan", "may", "will", "expect", "intend", "continue" or "estimate"
or the negatives of these terms or variations of them or similar
expressions, all of which are subject to risks and uncertainties,
which are disclosed in the Company's filings with the appropriate
securities commissions. While these statements are based on
management's assumptions regarding historical trends, current
conditions and expected future developments, as well as other
factors that it believes are reasonable and appropriate in the
circumstances, no forward-looking statement can be guaranteed and
actual future results may differ materially from those expressed
herein. The Company disclaims any intention or obligation to update
or revise any forward-looking statements contained herein whether
as a result of new information, future events or otherwise, except
as required by the applicable securities laws. The forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
SOURCE Velan Inc.