SNC-Lavalin announced yesterday that its Executive Vice-President of Infrastructure Concession Investments (ICI), Gilles Laramée, will retire from the Company on August 9, 2013. He will be succeeded in an acting capacity by Gerry Grigoropoulos, Senior Vice-President and General Manager, SNC-Lavalin Capital.

Mr. Laramée joined SNC in 1986 and became SNC-Lavalin's Chief Financial Officer in 2002, a position he held until being named Executive Vice-President, ICI, in 2012.

Robert G. Card, President and CEO, SNC-Lavalin Group Inc said.

"I would like to thank Gilles for his 27 years of service and extensive contributions to the Company, and wish him well in his future endeavours. We have begun a search for his successor with the aim of ensuring we leverage both the value of our ICI portfolio and our prominent position in the project finance business. The sector is a major contributor to the profitability and financial strength of this company, and a central element of our recently announced strategic plan."

Laramee, who is in his 50s, was named late last year to take over the new infrastructure and concessions business unit to provide "strategic oversight and more active management of the business to leverage its full value."Local media report that SNC-Lavalin spokeswoman Leslie Quinton described Laramee's decision as a "personal choice."

Source: SNC Lavalin