Vecima Announces New Chief Financial Officer John Hanna
Jul 14, 2010
(News Release) VICTORIA – Vecima Announces New Chief Financial OfficerJohn Hanna Brings 12 Years of Executive Experience to Vecima; Former CFO Mike Barry Appointed President of YourLink.Â
Dr. Surinder Kumar, Chairman and Chief Executive Officer of Vecima Networks Inc. ("Vecima" or "the Company") (TSX:VCM), the Last Mile Solution(R) for broadband wired and wireless networks, is pleased to announce the appointment of Mr. John Hanna to Chief Financial Officer and the appointment of Vecima's former CFO, Mr. Mike Barry, to President of YourLink, Vecima's wholly owned wireless internet service provision company.
In his new role, Mr. Barry will be responsible for managing YourLink's extensive wireless operations in Saskatchewan and eight cable companies in British Columbia. Founded in 2003, YourLink uses Vecima equipment to deliver wireless internet and cable television services to over 18,000 subscribers in Western Canada. In the first nine months of Vecima's 2010 fiscal year, YourLink grew by 13% to account for CND $9.1 million, or 11% of total sales, compared to $8.0 million, or 9% of sales, in the same period a year earlier. Vecima's believes YourLink has significant growth potential and Mr. Barry's role will be to realize this potential as well as manage and monetize other strategic assets such as Vecima's wireless spectrum holdings.
"Mike has been a valued and dedicated member of Vecima's executive team since joining the Company in 2000 and contributed vitally to such major milestones as the Company's Initial Public Offering in 2005," said Dr. Kumar. "With his deep understanding of our YourLink and Vecima's strategic assets, Mike is ideal for his new role."
Mr. Hanna brings 15 years of experience, including 12 years of high-tech executive level experience to his new role as CFO. During the past 6 years, Mr. Hanna was an executive at iFire Technology, a developer of a low cost flat panel display, where he was VP Finance Administration. Prior to iFire, Mr. Hanna spent 7 years with The Westaim Corporation where he held a number of positions of increasing responsibility including Director Corporate Development, VP Investments, and VP Finance Administration of Nucryst Pharmaceuticals. At Westaim, he participated in a variety of corporate M transactions including the investment in and sale of a number of businesses. Mr. Hanna has served as a board member of a number of private technology companies and holds an MBA in Finance Strategy from the University of British Columbia and a BSc in Biology from the University of Victoria. In his new role as CFO, Mr. Hanna will work closely with Dr. Kumar and the Board of Directors and will be responsible for managing Vecima's finance department and a key member of Vecima's strategic leadership team.