Wajax Announces CEO Succession

Mark Foote will retire as President and Chief Executive Officer on December 31, 2021.

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Toronto, Ontario October 5, 2021 Wajax Corporation (“Wajax or the “Corporation) today announced that Mark Foote will retire as President and Chief Executive Officer on December 31, 2021. Ignacy (Iggy) Domagalski, the Chief Executive Officer of Tundra Process Solutions Ltd. (“Tundra”), which was acquired by Wajax in January 2021, will be appointed President and Chief Executive Officer of Wajax upon Mr. Foote’s retirement.

Mr. Foote has served as President and Chief Executive Officer of Wajax since March 2012, guiding the Corporation through significant change. Among other things, Mr. Foote oversaw the reorganization of Wajax from independent product divisions to an integrated distribution model, achieved significant improvements in employee safety and satisfaction, and implemented a customer-focused growth strategy that combines a broad range of heavy equipment, industrial parts and engineered repair services businesses to meet the needs of the Corporation’s approximately 32,000 commercial, industrial and resource customers. Commenting on his experience, Mr. Foote said, “It has been a real privilege to lead the Wajax team and to contribute to the ongoing success of such a storied Canadian company. I look forward to working with Iggy and the leadership team to ensure a successful transition, and I am convinced Iggy’s leadership will result in an even stronger organization for our team and our customers.”

Mr. Domagalski joined Tundra in 2008 and, after serving as Chief Operating Officer, was appointed Chief Executive Officer in 2016. Since then, he has been instrumental in leading the team which has built Tundra into a Canadian leader in the industrial parts and engineered repair services businesses. Following Wajax’s acquisition of Tundra, Mr. Domagalski became a member of the Wajax Senior Leadership Team and has participated actively in the development of the Corporation’s heavy equipment and industrial parts and services strategies for 2022 and beyond. He holds a Bachelor of Commerce (Honours) degree from the Asper School of Business at the University of Manitoba and, in 2018, was named by BNN Bloomberg as one of Canada’s Top 40 Under 40; he is also the Fundraising Chair and a member of the Board of Directors of the Kids Cancer Care Foundation of Alberta. Mr. Domagalski is a shareholder of Wajax, currently holding approximately 135,800 common shares.

Commenting on his upcoming role, Mr. Domagalski said, I am very excited by the opportunity to lead Wajax and to continue our strategy of combining a diverse range of heavy equipment, industrial parts and services, and excellent customer service, to drive sustainable growth. I am particularly looking forward to working with Wajax’s leadership team, frontline staff and manufacturing partners to drive energy into the company’s brand and culture, and to use the company’s financial capacity to capitalize on organic growth and acquisition opportunities.

Rob Dexter, Chairman of the Wajax Board of Directors, stated, “On behalf of Wajax’s employees, manufacturing partners and the board, I would like to thank Mark for his incredible hard work during nearly ten years as President and Chief Executive Officer. Mark’s outstanding leadership and resolve have ensured that the changes necessary to manage through challenging markets have been made, and that Wajax is on-track to become Canada’s leading industrial products and services provider. The board 2 continues to believe very strongly in the vision and strategy built by Mark and his team, and we wish Mark nothing but the very best in his well-earned retirement.”

Mr. Dexter continued, “As part of a comprehensive succession planning process, the board surveyed and evaluated a wide range of internal and external Chief Executive Officer candidates. We are confident that the choice of Iggy as Wajax’s next leader will allow the company to continue its successful growth strategy and build upon the work already done to position Wajax as an industry leader in customer service, employee satisfaction and safety. We are excited to support Iggy and the leadership team in driving the next level of growth for Wajax and its stakeholders.”

In connection with his retirement as President and Chief Executive Officer, Mr. Foote will also retire from the Wajax Board of Directors. Mr. Domagalski will be appointed to the Wajax board concurrently with his appointment as President and Chief Executive Officer.

Wajax also announced a number of other upcoming changes to senior executive roles that are intended to drive growth through the Corporation’s integrated distribution model. Steve Deck, who has been with the Corporation since 2014, most recently serving as Chief Operating Officer, will become Chief Operating Officer and Senior Vice President, Heavy Equipment. Justin Warren, who has also been with the Corporation since 2014, most recently serving as Regional Vice President, Ontario, will become Senior Vice President, Industrial Parts and Engineered Repair Services. The forgoing changes will be effective November 1, 2021. Stuart Auld, who has been with the Corporation since 2014 and is Wajax’s Chief Financial Officer, will continue in his current role. Wajax Corporation Founded in 1858, Wajax (TSX: WJX) is one of Canada’s longest standing and most diversified industrial products and services providers. The Corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities and oil and gas. For more information on Wajax, please visit the company’s website at https://www.wajax.com.

Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, “forward-looking statements”). These forward-looking statements relate to future events or the Corporation’s future performance. All statements other than statements of historical fact are forward-looking statements.

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