(RTTNews) - Enerflex Ltd. (EFXT, EFX.TO) announced that Marc Rossiter has stepped down as President, Chief Executive officer, and Director, effective immediately.
Preet Dhindsa, Enerflexs current Senior Vice President and Chief Financial Officer, will serve as Interim Chief Executive Officer. Dhindsa joined Enerflex in October 2023 and is a seasoned executive with more than 25 years of experience, primarily in the energy and financial services industries.
Joe Ladouceur, Vice President Treasury, Tax & Insurance, will serve as Interim Chief Financial Officer.
The company noted that its board is undertaking a comprehensive search to identify the Company's next Chief Executive officer and has retained a leading executive search firm to assist with this process.
Enerflex reaffirmed its outlook for 2025, which reflects Approximately 65% of the company's gross margin before depreciation and amortization is generated by the highly contracted Energy Infrastructure product line and the recurring nature of its After-Market Services business.
The expectation that Engineered Systems gross margin before depreciation and amortization will be more consistent with the historical long-term average for this business line and that near-term revenue is expected to remain steady.
In 2025, the capital program will follow a disciplined approach, with total expenditures ranging between $110 million and $130 million. Growth capital investments of $40 million to $60 million will primarily target customer-supported opportunities in the United States and the Middle East.
Enerflex Ltd. said that its Board approved to implement a Normal Course Issuer Bid (NCIB).
The company plans to make an application to the Toronto Stock Exchange (TSX) to implement a NCIB that would permit the company to purchase for cancellation, through the facilities of the TSX, alternative Canadian trading systems or the New York Stock Exchange, common shares representing up to 5% of the public float over a period of twelve months.
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