William L. Young replaces Kevin G. Lynch as SNC-Lavalin's chairman
Young will act as a high-performance sounding board to management in the evolution of the Canadian firm's strategy
Toronto Stock Exchange-listed (TSX) end-to-end engineering services provider and project management firm SNC-Lavalin’s board of directors has appointed William L. Young — referred to as Bill — as its chairman of the board, effective 9 September 2020.
Young replaces, Kevin G. Lynch who served as the chairman since taking up the role in 2017.
Talking about Young’s appointment, president and CEO of SNC-Lavalin, Ian L. Edwards, said: “There are not many large, diversified Canadian-headquartered multinationals, and Bill’s experience as chairman of successful public companies, as well as his decades of corporate strategy and governance work will be invaluable as we continue to execute on our new strategy.”
Edwards added: “We have a singular objective, which is to be a leading global engineering services firm. The management team and I look forward to collaborating with Bill and the rest of the Board, as we drive forward and enter the next phase of SNC-Lavalin’s transformation.”
Young serves as the chairman of Magna International, a Canadian global autoparts manufacturer, and is a corporate director on the board of Intact Financial, the country’s largest P&C insurer.
He is the former chair of Queen’s University Board of Trustees and has been chair emeritus since 2012.
In the beginning of his career, Young served as a chemical engineer with Imperial Oil in Western Canada before moving into management consulting and corporate strategy as a partner with Bain & Company.
Later he became the founding partner with Boston-based private equity firm, Monitor Clipper.
Speaking on his new role, Young said: “SNC-Lavalin has moved swiftly over the past year to implement a new strategy, and I see a tremendous commercial opportunity going forward to leverage the company’s unique strengths and reputation to grow its engineering services offering.” said Mr. Young.
As the chairman, Young will provide governance oversight as well as act as “a high-performance sounding board to management in the evolution of the company’s strategy”.
SNC-Lavalin has announced a process for selecting a new chairman in May 2020, following which a selection committee was formed, with board member Zin Smati as the chair.