“We take pride in the contribution we make to the North American economy, knowing that the work we do is vital to business to, from and within Canada."
While 2012 was a challenging year, the Purolator team worked together to emerge poised for success in 2013. And for that, I want to express my thanks to all employees for the actions taken to correct the company’s course. In challenging times, they have recognized the need for change, and responded accordingly. And all that while, importantly, maintaining the service promise to customers.
I also take this opportunity to extend a special note of thanks to Wayne Cheeseman, Chief Financial Officer of Canada Post Corporation, who accepted the role as interim President and CEO of the company during the second quarter of 2012, and ably led the Purolator team through the balance of the year. Wayne and the rest of the Purolator Executive Team enjoyed the constructive engagement and support of the company’s Board of Directors during this transition period.
In 2012, Canada saw a softening of economic growth and the global economy continued to face challenges on several fronts. One of the consequences for Purolator was a continuing shift in demand in some market sectors from express to deferred deliveries, putting pressure on a business model built for speed. The demanding external environment impacted Purolator’s ability to achieve high levels of growth, and that, together with over-investment in some parts of the business, resulted in earnings that were below expectations. We have, nevertheless, proudly maintained our position as Canada’s leading integrated freight and parcel solutions provider, offering customers exceptional service, extensive reach and a high degree of reliability.
There were many achievements in 2012 that called for celebration. It was a year that saw Purolator accomplish many great things for our customers, our communities, our people and our future:
Going forward, we will strive for innovation, productivity and collaboration in all that we do, working together to ensure our success as a business. We take pride in the contribution we make to the North American economy, knowing that the work we do is vital to business to, from and within Canada.
In 2013, Purolator will focus on managing the business fundamentals –building a strong foundation for long‐term, profitable growth. We have a sound plan, and a great team. I am confident that, in collaboration with our customers and partners, we will continue to successfully build this wonderful business of which we are all so proud of.
President and Chief Executive Officer
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