Shepherd Leaving Canfor

Saturday, March 31, 2007 06:35 AM

Big changes at Canfor.

The company issued a release late Friday annopuncing Jim Shepherd (shown at left) is leaving his post as President and Chief Executive Officer.

He will stay on until the end of the annual general meeting which is set for May 4th.

The , Chairman of the Board, Peter Bentley, praised Shepherd for his workd “Jim accomplished many things during his tenure at Canfor. He was instrumental in the settlement of the softwood lumber dispute, which returned billions of dollars to the Canadian lumber industry. He has guided the Company through difficult markets and operational challenges and has positioned Canfor to take advantage of growth opportunities by having one of the strongest balance sheets in the industry. On behalf of the Board of Directors and the employees of the Company, I would like to thank Jim for his service and dedication to the Company.”

Shepherd became the President and CEO of Canfor in April 2004 following the Canfor- Slocan merger. Prior to that time, Shepherd had been the President and CEO of Slocan.

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Posted on Saturday, March 31, 2007 06:35 AM in News by 250 News

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Comments

Posted by: owl on March 31 2007 7:30 PM

Ineresting that no one is throwing their opinion on here as to why they think this has happened.

Personal?

Business decision?

New directions he does not want to be involved in?

Board not happy with what he was doing, despite the words?

Shares closed down about 4% on Friday.

Paul Tellier (previously CEO of CN and Bombardier) resigned his position on the Board. Pattison seems to be moving in more firmly. So it looks like those in charge likely want a new CEO and Shepherd may have made the first move or made an agreement to move out of the way early.

Posted by: Palopu on March 31 2007 8:01 PM

Paul Tellier was pushed aside from CN by Hunter Harrison the present CEO. He moved to Bombardier but didnt last long. Seems he didnt last long as a director of Canfor either.

Shepard came to Canfor as a result of the merger between Canfor and Slocan. When he came in Emerson moved out.

It appears that they are laying the groundwork for going private. As far as I know every public company that Jim Pattison ever invested money in was eventually privatized with him as the sole owner. This is his *Modus Operandi*.

The fly in the ointment is Michael J Korenberg a director who didnt resign, and who controls about 18 percent of the shares.(Through the Quebec Teachers Association) Without those shares Pattison cannot get total control of the company. In any event thats my take on it right or wrong.

Posted by: Chadermando on April 1 2007 1:40 AM

Clearing the ground for a major change in company direction. Obviously a couple of hundred bucks a thousand board feet is not sustainable with the current US housing outlook. They're probably going to bring in a hired corporate assassin type change agent for changing times IMO.

Posted by: Palopu on April 1 2007 8:57 AM

Correction to Michael J Korenberg, he is on the board of directors, however he is also a Director of the Jim Pattison Group of Co,s.

I beleive that it is Stephen A Jarislowsky, who is presently a director and apparently conrols 18% through various pension funds etc; It doesnt say if he is going to let his name stand for director or not.

In any event big changes coming.

Posted by: charles on April 1 2007 1:31 PM

I agree that big changes are coming to Canfor. To add to Canfor's problems, I see the U.S. is alleging Canada is violating the recently signed softwood agreement, and they want to reopen talks on this agreement.

Posted by: owl on April 1 2007 6:14 PM

I think Harper needs to go back to negotiation school. Maybe start in Kiddygarten ......

Posted by: Mcfly on April 2 2007 7:48 AM

Or..............he is possibly going to retire, enjoy his golden years , and have fun with the mega bucks he made running canfor.............thats what I would do.....

Posted by: Harbinger on April 2 2007 5:38 PM

Maybe he is like politicians who resign. Wants to spend more time with the family. Good excuse as any. I would buy that fer a dollar.