Savaria Appoints Chief Transformation Officer

LAVAL, Quebec, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Savaria Corporation ("Savaria") (TSX: SIS) a global leader in the accessibility industry, announces the appointment of Jean-Philippe De Montigny to the position of Chief Transformation Officer, effective January 15, 2024.

Jean-Philippe will be responsible for Savaria One, a company-wide effort to maximize the integration and synergies of the Accessibility and Patient Care business segments across all global markets. Working closely with the business unit leaders, his role includes coaching, advising and steering the staff leading the strategic growth initiatives identified earlier this year.

Prior to joining Savaria, Jean-Philippe was a partner at McKinsey & Company starting his career with them in 2004. He has extensive experience in creating successful growth acceleration strategies for manufacturing companies of similar sizes to Savaria. Known for his abilities to identify material efficiencies, mentor leaders and guide sustainable growth, Jean-Philippe also has significant global experience including European and Asian markets. He holds an MBA from INSEAD and a Bachelor of Commerce from HEC Montréal.

"My colleagues and I are delighted to have Jean-Philippe on board. He brings a complementary expertise to our industry knowledge, including 20 years of experience helping companies improve their operational and financial performance. His leadership will accelerate Savaria One," said Sébastien Bourassa, Chief Operating Officer, Savaria.

"Savaria is starting a new chapter in its history with the appointment of Sébastien Bourassa as President and CEO effective next month. Adding Jean-Philippe to our team to focus on Savaria One supporting our 2025 goal of $1 billion in revenue. Jean-Philippe is an exceptionally talented leader who fits well with our culture to work hard, work smart, and deliver results," said Marcel Bourassa, President and Chief Executive Officer, Savaria.

"I am excited for the future and the opportunity to join a great team. Savaria has an inspiring history and a bright future. I see tremendous potential for impact and value creation that I look forward to unlock," concluded Jean-Philippe De Montigny.

About Savaria Corporation

Savaria Corporation (savaria.com) is a global leader in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts and elevators for home and commercial use. It also manufactures and markets a comprehensive selection of pressure management products for the medical market, medical beds for the long-term care market, as well as an extensive line of medical equipment and solutions for the safe handling of patients, including ceiling lifts and slings. In addition, Savaria converts and adapts vehicles for personal and commercial uses. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, The Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic), Australia and China. Savaria employs approximately 2,250 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.

Forward-Looking Statements

This press release includes certain statements that are "forward-looking statements" within the meaning of the securities laws of Canada. Any statement in this press release that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this press release, the words "believe", "could", "should", "intend", "expect", "estimate", "assume" and other similar expressions are generally intended to identify forward-looking statements. It is important to know that the forward-looking statements in this document describe the Corporation's expectations as at the date hereof, which are not guarantees of future performance of Savaria or its industry, and involve known and unknown risks and uncertainties that may cause Savaria's or the industry's outlook, actual results or performance to be materially different from any future results or performance expressed or implied by such statements. The Corporation's actual results could be materially different from its expectations if known or unknown risks affect its business, or if its estimates or assumptions turn out to be inaccurate.

A change affecting an assumption can also have an impact on other interrelated assumptions, which could increase or diminish the effect of the change. As a result, the Corporation cannot guarantee that any forward-looking statement will materialize and, accordingly, the reader is cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on the Corporation's business. For example, they do not include the effect of sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made.

Unless otherwise required by applicable securities laws, Savaria disclaims any intention or obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing risks and uncertainties include the risks set forth under "Risks and Uncertainties" in Savaria's latest Annual MD&A as well as other risks detailed from time to time in reports filed by Savaria with securities regulators in Canada.

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