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spk02: Good morning, ladies and gentlemen. My name is Jeff Beattie, Chair of the Board of Maple Leaf Foods, and it is my pleasure to welcome you to our 2022 Annual Meeting of Shareholders. Joining me on our video webcast today are Michael McCain, President and Chief Executive Officer of Maple Leaf Foods, and Suzanne Hathaway, Senior Vice President, General Counsel and Corporate Secretary. Joining us virtually are the other members of your board of directors, including Bill Aziz, Ron Close, Gene Fraser, Tom Hayes, Tim Hockey, Kay Lemon, Jonathan McCain, and Carol Stevenson, as well as members of the senior leadership team. When we started planning for this year's AGM, we thought that perhaps after two years of virtual meetings, this would be the year when we'd be back together in person. But with the uncertainties created by the Omicron surge, we concluded that the safest, most prudent course of action would be to proceed with another virtual meeting. While we will miss the live interaction of an in-person meeting, we know from your feedback that many of you prefer the virtual meeting platform anyway, as it provides greater flexibility and opportunity for all of our shareholders to participate, regardless of where you are physically located. And it also gives our other stakeholders an opportunity to meaningfully engage in the management presentation and Q&A that will follow immediately after we close out the formal portion of the AGM. Before we get started, I would just like to take a moment to reflect on the events unfolding in the Ukraine. The senseless devastation and immense human toll inflicted by this war are beyond tragic. Our compassion and deep sorrow go out to the Ukrainian people. The war comes at a time when the world is still grappling with the impacts of COVID, as well as other global crises, including accelerating climate risks, supply chain disruptions, and unprecedented levels of humanitarian need. In the face of these challenges, Maple Leaf Foods vision to be the most sustainable protein company on earth, including its commitments to safety, animal welfare, environmental protection, food insecurity, and diversity inclusion have never been more relevant. Bringing this vision to life takes a team, and I would like to take a moment to acknowledge the remarkable contributions of the Maple Leaf Foods team. Through change, challenge, and uncertainty, they have consistently delivered on our commitment to make safe, nutritious food in a safe and sustainable work environment. even achieving record results in health and safety performance in 2021 by meeting or exceeding all of our people's safety, food safety, sanitation, and quality goals. Thank you, Team Maple Leaf. With those introductory remarks, let me officially call the meeting to order. I will act as chair of the meeting and Suzanne Hathaway will act as secretary. Our agenda today will consist of three parts. We will start with the formal business of the meeting, which we will cover the receipt of the 2021 annual financial statements, the election of directors, the reappointment of KPMG as the external auditors of Maple Leaf Foods, and the advisory resolution on executive compensation, all of which are described in the notice of meeting and accompanying management information circular dated March 16th, 2022. Once the business of the meeting has been completed, we will conclude the formal portion of the AGM and we'll move on to the management presentation with our CEO, Michael McCain. We will wrap up our time together with a question and answer session. You are welcome to submit your questions at any time during the meeting by selecting the messaging icon at the top of your screen, typing the message in the text box, and simply clicking send. During the formal business of the meeting, those specific questions and comments relative to the matters to be acted upon will be read aloud by Suzanne at the appropriate time. Questions and comments of a general nature will be read during the question and answer session at the end of the management presentation. In the interest of time, questions and comments of a similar nature may be grouped together. We will endeavor to respond to as many questions as we can with priority given to those logged in as shareholders or proxy holders. If we don't get to all of the general questions, we are willing to follow up after the meeting on the remaining questions. Now, with the consent of the meeting, I appoint Shirley Tom and Jamie Plaszczyk of ComputerShare as scrutineers. Suzanne, can you please confirm that a quorum is present and the meeting is properly constituted?
spk06: Thank you, Jeff. Yes, I can confirm that the meeting is duly constituted and that a quorum is present. Both the confirmation of mailing and the meeting materials and the scrutineer's report on attendance will be kept with the records of the meeting. Copies of the notice of meeting and the management information circular are available on our Maple Leaf Foods website at www.mapleleaffoods.com and on CDAR. In addition, if you would like to access the materials during the meeting, they are available on this Lumi platform and you can simply click on the documents icon. Please note that today's management presentation contains forward-looking information. We encourage you to review the cautionary statements contained in our regulatory filings, which outline a number of factors that could cause actual results to differ. Copies of these filings are available on our website and on CDAR. Finally, I note that this virtual format relies on technology as well as coordination among individuals who are not together. While we are not anticipating any issues, we do appreciate your patience in the event that we experience any technical difficulties.
spk02: Thank you, Suzanne. Today we will conduct all votes by ballot. To expedite the meeting, we have asked certain shareholders who are also employees to move and second the various motions. The poll for all matters is now open for voting and voting instructions are available on your screen. Shareholders and proxy holders who have logged into the meeting using your control number are able to vote on each matter until I declare voting closed. You can vote by clicking on the polling icon at the top of the screen and completing the ballot. You may change your vote by selecting an alternative option on the ballot or you may cancel your vote by selecting cancel. Once voting is closed, your ballot will automatically be submitted. Thank you to all the shareholders who voted in advance of the meeting. If you have already voted and do not wish to change your vote, Do not vote again during the online ballot. If you have already voted by proxy and you vote again during the online ballot, your online vote during the meeting will revoke your previously submitted proxy. We will announce the results of all voting, including proxies deposited before the meeting, at the conclusion of the formal part of the meeting. As a reminder, shareholders and proxy holders may address any motion before the meeting by typing in your question or comment in the message section. If there is any discussion or questions on a motion, Suzanne will read the question aloud. We will now move to the first item of business, which is the presentation of the financial statements for the year ended December 31, 2021, together with the auditor's reports on those statements. The financial statements and associated auditor's report have been mailed to those shareholders who requested them and are also available on our website and on CDAR. No motion is required. Suzanne, are there any questions?
spk06: Thanks, Jeff. No questions or comments on this item were submitted.
spk02: Thank you. We will move on to the next item of business, which is the election of directors. The number of directors to be elected has been set at 10. All 10 director nominees currently serve on the board, and all nominees have confirmed their eligibility and willingness to serve as directors. As outlined in the information circular, the nominees are as follows. Bill Aziz, Jeff Beattie, Ron Close, Jean Fraser, Tom Hayes, Tim Hockey, Catherine Lemon, Jonathan McCain, Michael McCain, and Carol Stevenson. May I please have a motion?
spk03: My name is Steve Elmer and I nominate each of the 10 nominees listed in the form of proxy and management information circular for election as a director.
spk07: My name is Jennifer Hahn, and I second the motion.
spk02: Thank you, Steve and Jennifer. Are there any further nominations?
spk06: Yes, I can confirm that there are no further nominees and no questions.
spk02: As there are no further nominations, I declare the nominations closed. Shareholders are entitled to vote individually for each director. May I have a motion?
spk03: My name is Steve Elmer, and I move that each of the director nominees be elected as a director of the corporation to hold office for a term to expire immediately following the next annual meeting of shareholders, or until their respective successors are elected or appointed, or they otherwise cease to hold office.
spk07: Jennifer Hahn My name is Jennifer Hahn, and I second the motion.
spk02: Thank you again, Steve and Jennifer. As the poll remains open, we will move on to the next item of business, which is the appointment of auditors and authorization for directors to fix the auditor's remuneration. The Board has recommended the reappointment of KPMG LLP as auditors. This vote requires a simple majority. May I have a motion, please?
spk04: My name is Chris Boverd, and I move that the firm of KPMG LLP, Chartered Accountants, be appointed auditors of the company to hold office until the next annual meeting of shareholders or until their successors are appointed, and that the directors of the company be authorized to fix their remuneration.
spk07: My name is Jennifer Hahn, and I second the motion.
spk02: Thank you Chris and Jennifer. Is there any discussion on this motion?
spk06: I can confirm that there are no questions or comments on the motion.
spk02: Thank you Suzanne. Once again, shareholders and proxy holders are invited to vote if you haven't already done so. Finally, as the poll remains open, we will move on to the next item of business, which is the non-binding advisory vote on the company's approach to executive compensation. May I have a motion?
spk07: My name is Jennifer Hahn, and I move that on an advisory basis and not to diminish the role and responsibilities of the Board of Directors, the shareholders accept the approach to executive compensation as described in the company's management information circular dated March 16, 2022.
spk05: My name is Chris Boverd, and I second the motion. Thank you, Jennifer and Chris. Is there any discussion on the motion?
spk06: There are no questions or discussion on this motion.
spk02: As there is no discussion, the vote is called, and shareholders and proxials may vote on the motion if you haven't already done so. As that is the last matter to be voted on at today's meeting, I now declare the polls closed. With voting now complete, our scrutiners will finish tabulating the votes, including the votes cast online during the meeting today and those cast by proxy in advance. We should have those results in just a moment. While we wait this final tabulation, I would like to thank everyone on the line for taking the time to join us today. And thanks also go out to all the shareholders who cast their votes before. Your views are important to us and we appreciate all opportunities to receive feedback. With that, I understand that we now have the voting results available, and I'm pleased to share a summary of those results with you. On the election of directors, I am pleased to announce that all of the directors' nominees have been re-elected, each with well over 90% of the votes cast. Please join me in congratulating your 2022-2023 Board of Directors. I look forward to continuing to work with all of you over the course of the next year. I'm also pleased to announce that both of the other resolutions have passed, each also receiving more than 90% of the votes cast. This means the KPMG is reappointed as the auditors of the corporation and that Maple Leaf Foods' approach to executive compensation has been endorsed. Full details on the voting results will be published following the meeting and filed on CDAR. That brings us to the conclusion of the formal part of the AGM. On behalf of the board and the management of Maple Leaf Foods, we thank you for your continued support. As we continue to chart our course through these ongoing, unprecedented times, we are proud of what we have achieved and remain committed to delivering value for all of our stakeholders over the long term. We will continue to navigate the impacts of unpredictable world events on our business and operations while taking concrete steps to advance our vision to be the most sustainable protein company on earth. We wish you, your families, and your communities good health. There being no other business, I declare the meeting terminated and I invite you to remain online with us for the management presentation and question and answer session. Now, please join me in welcoming Michael McCain, President and Chief Executive Officer of Maple Leaf Foods.
spk01: Thank you, Jeff, and good morning, everyone. Welcome to our Annual General Meeting. It's an occasion that always makes me thoughtful and very grateful. This is my 27th Annual General Meeting at Maple Leaf Foods. Said a Greek philosopher, one must wait until the evening to see how splendid the day has been. Please hold that thought. I intend to come back to it. I think constantly about the progression of our company, an organization full of passionate, purposeful people and where we are heading on our journey, how we can have positive impact. The Maple Leaf Foods vision is to be the most sustainable protein company on earth. Our story begins and our story ends with this one clear thought. Please never lose sight of this. The pandemic's challenges have made me appreciate the years that I've served here because they've delivered so many life lessons upon which I rely, especially when facing uncertainty. There have been daunting moments, challenges overcome, and more reasons than I can count to be so optimistic about our future. None of us had navigated a pandemic before, but our experiences taught us what it meant to face a challenge. And I knew that there was a bright spot on the other side if we maintained our focus and maintained our confidence. The price of that knowledge, and one I'll happily pay time and time again, is just a few more gray hairs. I'm gratified to say that after two years of endless chaos, our company continues to demonstrate purposeful intent, strategic clarity, marketplace distinction, astounding resilience, and the ability to drive growth and deliver record financial performance by creating value for all stakeholders. We hold nothing but pride in these outcomes. The blueprint to which you hear me refer so often has been our strategic guide through the bedlam of the past two years, helping us advance our vision to be the most sustainable protein company on earth. We made progress in so many areas because of our unwavering belief in stakeholder capitalism. We know that the best path to creating enduring value for all shareholders is by creating value for all stakeholders. It's important that we ground ourselves in what really does that mean for us? What is distinctive about the ethos that defines Maple Leaf? First is horizon. We are long-term decision makers and we will not be thrown off course by the curse but hypnotic allure of short-termism. Second, we serve all of our stakeholders, including shareholders of course, but we reject the overt primacy of shareholders. Third, we recognize our natural environment as a vital stakeholder in our company. Fourth, we are willing to have a view of advocacy on matters important to society and not just our narrow corporate interest. And finally, we actively seek to connect these defining features of our culture and our vision to the financial success of the company over time so we don't force an existential trade-off between virtue and money. Investors in Maple Leaf should do so with an equal conviction to these principles. That said, of course, we keep an active, intense focus on our near-term financial performance. As a result, in 2021, our meat business, representing 96% of our revenues, delivered impressive top-line results, up 8% on an equivalent 52-week basis. while also delivering record EBITDA of 527 million and a strong adjusted EBITDA margin of 12.1%. The fact that we achieved these results during the second year of a pandemic makes me beyond proud. We did it while facing COVID-related absenteeism that at times approached 30% at select sites. We faced inflation, supply chain disruptions, and volatile markets, and still our meat group delivered a second sequential record financial year. Unfortunately, our plant-based business did not fare as well. It was pressured by the same challenges that impacted the entire competitive landscape. The category slowed markedly after three years of exceptional growth through 2020. Our results mirrored the category, with US dollar sales down 4.7% on the same equivalent 52-week basis. In response to that, we did what we do so well. We took a deep and very disciplined look at the plant-based alternative meat category and consumer behavior to understand why. Today, we are confident that growth in this category will continue to exceed conventional grocery, but our expectations have been significantly moderated. We now believe it can deliver steady and attractive category growth rates between 10 and 15%, and we will invest in the business at an appropriate level to match the projections that our analysis yielded. Our leading plant-based brands remain an important part of the Maple Leaf portfolio, and we now expect this business to be EBITDA neutral or better in the latter half of 2023. There are many bright spots as we look ahead, and one of the most exciting is our London Poultry Plant, where progress continued in 2021. Once completed later this year, it will be the most advanced of its kind ever built in North America. It will truly transform our poultry business. The facility will have state-of-the-art food safety, people safety, and animal care technologies. It will increase our value-added processing capacity and reduce costs by consolidating production from three aging plants into one highly efficient site. We project that this will contribute incremental annualized EBITDA of over $100 million when fully ramped up. In 2021, despite the COVID chaos, we completed a 73,000 square foot expansion at our Winnipeg plant, creating a maple leaf Bacon, center of excellence. The project significantly expands production capacity for our growing precooked bacon line to meet rising market demand, adding an additional expected $30 million in earnings when fully operational. We also acquired an existing food facility in Indianapolis. and transformed that into the world's first dedicated scale tempeh plant, a growing plant-based category where we lead the entire North American market. Our vision to be the most sustainable protein company on Earth is what increasingly differentiates Maple Leaf in the marketplace. If there was ever any doubt, ever any doubt that our vision was the correct one, recent news on climate change should dispel it. Our commitment to our planet has deepened and it's become even more urgent. Just last month, A United Nations report warned that unless countries drastically accelerate emissions reductions from coal, from oil and natural gas, the goal of limiting global warming to relatively safe levels will likely be out of reach by the end of the decade. Now that is a terrifying prospect. In 2021, we completed our second full year as the world's first scale carbon neutral food company. To our knowledge, no other food company in the world has taken the same step to become carbon neutral now. And that's got to change. We don't have years to wait. We continue to pursue ways to reduce our footprint. Most excitingly, we have our eye on game-changing, game-changing technologies which have the capacity to fundamentally alter the footprint of our entire industry. Things like regenerative agriculture and anaerobic digestion. Our science-based targets are always on our mind, and we have a comprehensive plan to achieve or exceed them. Currently, sustainable meat, which includes product raised without antibiotics and other welfare and environmental benefits, now comprises 16% of our meat sales, more than any other scale meat company that we know. In the United States, over 17,000 stores now carry our sustainable meat items, fueling our 35% growth in the United States over just the last two years. We have ambitious plans to continue this momentum, given our leadership in such a high growth category, and we're deeply encouraged by the increasing priority that consumers place on sustainable meat. We have also set a goal to use 100% sustainable packaging by 2025, a very ambitious target given the complexity of balancing our commitment to food safety with our environmental ambitions. We are increasing our efforts to achieve what we see as a visible differentiator in the market and an important part of our environmental action plan. But we must do more. We must do more. This means accelerating our market position in raising animals without antibiotics. It means extending our animal care practices across the industry. And it means accelerating our leadership in the real food movement. Last year, we completed the conversion of 100% of our company-owned barns to our advanced open sow housing system that gives pregnant sows the freedom to eat, to play, and to live in social groups. This is a world-leading system and we need to encourage others in our industry to follow. I began my career in the food industry as a salesman, so customer connection is something that I know well and invest a lot of time in. Aside from the impact that we are having in our society, most gratifying dimension of our vision to be a broadly sustainable enterprise is the momentum that we're seeing some of the largest customers in North America as they seek higher level strategic relationships with Maple Leaf as a result of our work, our differentiating work that we are doing to create a better industry and a better world. As good as we feel about all of this, all of our progress has occurred against an alarming social and political backdrop. Gross inequality and social injustice continues. with endless human conflict that presents an existential threat to our civilization. This has played out in heartbreaking ways in the unimaginable, unjustified and unprovoked attack on Ukraine. I've heard directly from our Ukrainian team members about the pain of watching their homeland being decimated for no other purpose than sheer power and control. We've tried to be generous in our support of relief efforts, and we hold the people of Ukraine in our hearts as we hope desperately that peace will come soon. Closer to home, we continue efforts to reduce the Canadian tragedy of food insecurity by fixing the system that allows it to continue. In one of the world's richest nations, over 5.8 million people struggle to reliably access the food they need. We are determined to advance structural change through the Maple Leaf Center for Action on Food Security by working collaboratively with civil society, with government, and with private sector partners. So we've shown leadership in all areas of creating a sustainable enterprise, making better food, more sustainable food, being better stewards of the animals in our care, advancing social justice, and finding clear paths to meet our science-based targets, all while maintaining a position of carbon neutral now. Additionally, we are world leaders in health and safety at Maple Leaf, with an industry-leading total recordable injury rate that has continued its sustained downward trend. And we will not stop, we won't stop this journey until no one, and I mean no one, gets hurt at Maple Leaf. Our leadership in global food safety is grounded in learning, in investment and preventative action. A suite of operating practices across our supply chain support our commitment to continuous improvement in quality and in food safety. Clearly, Maple Leaf is a company with big ambitions. And big ambitions are powered by culture and people, the secret sauce of having impact. Last year, we developed our next generation of people strategy, which seeks to constantly enhance our values-based culture, to attract and build amazing talent, to form high-performing and diverse teams and to create enduring engagement with all of our team members, and I mean all of them. Nearly three decades after I started at Maple Leaf, I'm proud to say that we are not today your average food company, and we don't ever want to be. In fact, we don't want to be average at anything. We measure our worth by the shared value we create, and we believe we are delivering on that goal. Nearly today, at my 27th Annual General Meeting, I can tell you that our company is solid, more mature, wiser and sounder. And with that perspective, I'd like to share a personal story as my final subject for the day. Let me ground it in a thought from the actor director Ron Howard, who observed that being in the middle of the aging process provided good human drama. I'll take you back to March of 1995, to a day that I remember like yesterday. My father, my brother and I, along with two colleagues, we got on an elevator to the 15th floor in Toronto at 30 St. Clair. That was Maple Leaf's head office at the time. We were starting due diligence on a transaction to acquire this storied, iconic business alongside financial partners. That was my first step into this world. It was a company whose history dated back to 1898, but which had experienced decades of neglect under the ownership of a UK holding company. Shortly after the acquisition, we consider the birth of the modern Maple Leaf. We discovered just how troubled it really was. There was no discernible culture that bound people together. A hodgepodge of legacy businesses littered the portfolio. The industry was wildly fragmented with excess small-scale capacity galore. Factories were subscale, inefficient, with antiquated technology and deplorable conditions. I recall I got a call from my brother Scott right after he visited our Wiener manufacturing facility to let me know that we were producing product with 63 days of shelf life, but it was unsaleable after 14. Our supply chain was dominated by outmoded direct delivery models. Our customer relationships were transactional at best. Our brands were tired and deteriorating. Our product development capacity had been decimated. Our labor cost was 60% higher than U.S. competitors who had just then, just then become net exporters of pork, a competitive disadvantage that would be fatal in time. And once the accounting smoke cleared, and there was a lot more creative accounting in those days, it was apparent that the company was bleeding cash in its core meat business, threatening the viability of the entire enterprise. So what inspired me? Easy, the people, the people. It was an iconic Canadian company with almost 100 years of history. It was populated by truly remarkable people who believed in it and in what it could be again. At 36 years of age at the time, I and my team just had enough hubris to feel like we could fix anything and restore greatness. to what was once a symbol of our country. But it would be a different Maple Leaf, a modern Maple Leaf, a world-leading Maple Leaf. I was struck by the advice of one of the most successful retailers in our country's history, Dick Curry at Loblaw, who said to me at the time, Michael, never ever lose sight of the fact that truly great companies take a very very long time to create that was my father and his brother's legacy before me at mccain foods focus on people focus on culture be somewhat strategic but mostly outstanding at execution and take the time to build the business in the right way persistence Persistence matters. It's been just over 27 years since first walking into the Maple Leaf offices, and it's been a labor of love, of conviction, and partnerships. So here we are in 2022 in the modern Maple Leaf. The modern Maple Leaf is admired worldwide as leaders in our space. We have a change the world vision reflecting the purpose that we embrace to raise the good in food. We've earned a broad reputation around the world as progressive, populated by the best talent in a winning culture. We're stewarding the best brands which reflect today's consumers, and we're growing them profitably. We're leaders in safety, in quality, in innovation, environmental sustainability. We're leaders in animal welfare. After billions of dollars of investment, we have world-class assets and we're expanding our boundaries beyond Canada with so, so much more to do. Our financial success, both top line and bottom line, is leading our industry and it's accelerating. We have proven that we can take this iconic Canadian company and achieve global greatness. 27 years overcoming almost every obstacle imaginable. And how did that happen? It's no secret. The people, the people of Maple Leaf. From day one, I believed that the people and culture of this organization will define our future. It's been my greatest honor as the opportunity to work shoulder to shoulder with some of the best, the brightest, the most inspiring, capable, and driven people I've ever known. My personal pride has come from watching this team grow, fail a little, overcome, grow some more, and succeed over and over again. The names to shower tributes on are endless. Individually, they've been remarkable. Collectively, they've been my inspiration. There are five people in particular who deserve a shout out on this journey. I'll begin with my longtime business partner, Richard Lam, who served as chief operating officer. My brother, Scott McCain, who was also a chief operating officer. Michael Vells, the foundation building CFO in whom we had unwavering trust. Gary McSimmets, the chief operating officer who followed Richard. And finally, Curtis Frank, my current teammate, who is now the chief operating officer of Maple Leaf Foods. So why am I telling you this lengthy story? Because... After 27 years, it's time for me to begin the transition of hanging up my CEO reigns. Aging has a way of sneaking up on you. Good human drama. And I don't actually feel old. Yet I was the youngest person in the room for most of my life. And now I'm not. There are more mountains to climb and this fantastic team needs a fresh set of leadership eyes. So the board and I agreed to a transition plan where I will become the executive chair and CEO right after this meeting and step down from the CEO role before next year's AGM. We will be handing the reins, the CEO reins, to Curtis Frank, our current president and COO. This business is in an incredible place with an amazing future and it's time. The defining feature of Maple Leaf has been talent and culture. There's no better reflection of this than when our talent develops inside the organization, blossoms like a great mighty oak in springtime. That is Curtis Frank. He's been with Maple Leaf for 21 years, starting shortly after university. He has the agricultural and food roots that growing up in Saskatchewan embedded naturally in him. Over his time here, Curtis has demonstrated his learning capacity, his deep understanding of all aspects of our business, and his competitive will to win. He gets it done the right way through his unrivaled ability to gain followership and mobilize stakeholders in the journey. Curtis is a living embodiment of our leadership values, embracing the human side of leadership required to succeed in our globally progressive organization. He's exactly, exactly the leader, the type of leader that we need to further our vision, and he's ready right now to step into the role and set the course for the next chapter of Maple Leaf Foods. This company, this team are deeply rooted in my heart and my soul, second only to my family. While I will be stepping down as CEO and removing myself from day-to-day activity, my efforts as executive chair will shift into a new capacity, more heavily oriented to strategy, stewardship, oversight, and guidance. The McCain family is not going anywhere. We have deep roots in the food industry and in this business, and we are fully committed to Maple Leaf from my generation to the next. In 2007, my father, Wallace McCain, spoke at the celebration of the 50th anniversary of McCain Foods, the company he and his brother founded. And he began his remarks quoting that Greek playwright, Sophocles, who said, one must wait until the evening to see how splendid the day has been. This day, spread over 27 years, has been splendid. And tomorrow will be even better. Thank you. So I think now we will open it to questions. Absolutely. Suzanne, over to you.
spk06: So just as a reminder to everyone, if you'd like to pose a question, you can simply click on the messaging icon at the top of your Lumi screen and type in your message. Okay, I have the first question for you, Michael. Does your announcement today signal that you will be disengaging from the company?
spk01: Disengaging is a strong word. Disengaging from my chief executive officer role and responsibilities, yes. Disengaging from the company, absolutely no. As executive chair, I will have responsibilities of engagement in strategic direction setting, Capital deployment, risk, high-level components of that, but I will be behaving and acting on that in a very different way out of the day-to-day activities of the business and working through and with our new Chief Executive Officer, Curtis Frank.
spk06: Thank you. We have another question. You said your decision has prompted a lot of reflection. Can you share any particular memorable or meaningful moments during your 27 years?
spk01: Likely more than probably we have time to reflect on. I think these types of journeys you reflect mostly about the beginning and the end, which is where I focused my remarks. I do remember the day going up the elevator in March of. of 1995. I remember the hard work in the foundational years establishing the groundwork for the organization. I remember the activities of dealing with the strategic threats that we faced. I remember The incredible team that I had had the honor of working with through transformational initiatives like the period from 2010 to 2015. I remember the pain. I mostly remember the successes and the laughter. That I reflect on what I think is one of the most enduring success factors in a business like this overtime, which is persistence. So there's there's an endless stream of reflections, and I'm sure that will continue for the next for the next while.
spk06: Excellent. Those are all the questions that we have in the queue. Unless there are any more questions that anyone would like to submit, that will bring to an end the Q&A session. There are no more questions, Michael.
spk01: Okay. Thank you and appreciate your support. And we'll look forward to visiting again next year with Curtis Frank at the helm. So he'll be talking to you. Thank you.
spk00: Some starry night When her kisses make you tingle She'll hold you tight And you'll hate yourself for being single And all at once it seems so nice The folks are throwing shoes and rice You hurry to a spot that's just a dot on a map And you wonder how it all came about It's too late now, there's no getting out You fell in love And love is a tender trial guitar solo or nothing at all half of love never appealed to me if your heart and never could yield
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