Velan Inc. announces its CEO transition plan

Velan Inc (VLN) has announced that in accordance with its succession plan, CEO Yves Leduc will leave Velan after seven years leading the Corporation.

Mr. Leduc will remain in his current role until November 30th when he will be succeeded by the current President, Bruno Carbonaro, who will assume the role of CEO on December 1st. According to the transition plan approved by the Board, Mr. Leduc will become Special Advisor to the Chairman and will remain a director of the Board until January 12th, 2022.

Jim Mannebach, Chairman of the Board, stated “The announcement is an outcome of the Company’s succession plan, whereby Bruno Carbonaro was hired by Yves in 2019. During the year, Yves let us know of his intention to leave once an orderly transition plan had been fully defined and carried out.

It was accordingly decided that the right time for the CEO succession was the beginning of the fourth quarter of the current fiscal year, as the completion of the transformative V20 plan marks the beginning of a new phase in the Company’s development. The Board wishes to recognize the substantial contributions of Yves Leduc during his years as leader of Velan under difficult market conditions and a global pandemic.”

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