ALGOMA CENTRAL CORPORATION Announces Resignation of Chief Executive Officer and Names New CEO

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Feb 07, 2019 05:01 pm
ST. CATHARINES, Ontario -- 

Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that Ken Bloch Soerensen has resigned as President and Chief Executive Officer to spend more time with his family in Europe. Gregg A. Ruhl, the current Chief Operating Officer, has been named President and Chief Executive Officer and will assume that role immediately.

Mr. Soerensen joined Algoma in April 2015 and was charged with redefining the strategic focus of the Company to include growth markets beyond North America. He led the development of the global short sea business and spearheaded the creation of the NovaAlgoma partnership. During his tenure, Algoma’s international business grew to represent nearly one half of the revenue streams in which the Company participates.

“Ken brought a new, more global outlook to Algoma and was instrumental in shifting the focus of the Company to opportunities outside of our traditional Great Lakes markets,” said Duncan N. R. Jackman, Algoma’s Chairman. “He built a strong management team to support this growth, while retaining our strong strategic position domestically. On behalf of the Board, I would like to thank Ken for his contribution to the growth and success of Algoma and wish him all the best in his future endeavours”

“In my nearly four years with Algoma I have had the honour of working with a very talented and exceedingly dedicated group of people”, said Mr. Soerensen. “Although I now must leave to spend more time with my family, I am confident the management team can continue the work we began together to build Algoma’s position in the global short sea market.”

Mr. Ruhl joined Algoma in November of 2015 as Senior Vice-President, Technical and became Chief Operating Officer in 2017. Mr. Ruhl has over 30 years experience in the transportation industry, including 20 years in marine transportation. Prior to joining Algoma, Mr. Ruhl was Managing Director of CN’s marine divisions. Currently, Mr. Ruhl has commercial responsibility for Algoma’s domestic businesses, as well as oversight of its operations both domestically and globally.

In addition to Mr. Ruhl, the other members of Algoma’s executive management team are Peter D. Winkley, Chief Financial Officer and J. Wesley Newton, Senior Vice-President, Corporate Development and General Counsel. Together with Mr. Ruhl, the Algoma executive management team has worked closely with Mr. Soerensen to lead the Company during this period of global expansion.

About Algoma Central

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which includes a diversified portfolio of dry-bulk fleets operating internationally.

www.algonet.com

Algoma Central Corporation
Peter D. Winkley
Chief Financial Officer
+1 905-687-7897

J. Wesley Newton
SVP Corporate Development
+1 905-687-7836

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