Velan Inc. has announced that Mr. A.K. Velan is retiring as Executive Chairman of the Board of Directors after 65 years of devoted service to the company. He has been appointed to the honorary position of Founder and Chairman Emeritus. Mr. Tom Velan is appointed Chairman of the Board and CEO, and Mr. William Sheffield is appointed to the new position of Lead Director. These appointments are effective May 19, 2015.
Tom Velan, Chairman and CEO stated “A.K. Velan is retiring as Executive Chairman after founding the company in 1950 and dedicating his life to building Velan into one of the world’s leading valve companies. On behalf of the Board and our 2060 employees in eleven countries, I wish to express our thanks for his great entrepreneurial spirit, passion, and enthusiasm. Velan would not be what it is today without his vision and leadership.”
Mr. Sheffield, Chair of the Corporate Governance and Human Resources Committee stated, “Mr. Tom Velan has been leading the company since he became President in 2003 so it is a natural progression that he becomes Chairman of the Board and CEO at a time when the company recently hired Yves Leduc as the first President who is not a member of the Velan family. The independent directors fully support the choice of Tom as our new Chairman of the Board.”