Genesis Land Development Corp. Announces the Retirement of Iain Stewart and Appointment of PS Sidhu as President and CEO
CALGARY, AB, May 20, 2025 /CNW/ - Genesis Land Development Corp. (TSX: GDC) ("Genesis") today announced the retirement of Iain Stewart as President and Chief Executive Officer and the appointment of Parveshindera (PS) Sidhu as President, Chief Executive Officer and a Director of Genesis, both effective June 30, 2025.
Mr. Stewart has been a Director of Genesis since August 2013 and was appointed President and Chief Executive Officer in 2018. Mr. Stewart will continue as a member of the Board of Directors.
"On behalf of the Board of Directors and shareholders, I would like to thank Iain for his leadership and dedication," said Board Chair, Stephen Griggs. "Iain developed our growth-oriented strategy, steered the company through the challenges of the global pandemic, and delivered the strongest financial years in company history. During his tenure, Genesis more than tripled its home and lot production and sales, more than doubled its asset base to $585 million and generating record earnings of almost $40 million in 2024."
Mr. Stewart said, "I am very proud of what we have achieved at Genesis in the last decade, and especially during my time as CEO. I am confident that Genesis is well positioned to build off the company's recent successes under PS' leadership. I would like to thank the entire Genesis team, the board of directors and our key shareholders for their support and guidance."
Mr. Sidhu has been with Genesis since 2005 and has been taking on increasingly senior roles as a part of his executive development, most recently as President and Chief Operating Officer, prior to which he was President of Genesis Builders Group Inc. ("GBG") for a number of years.
"PS has been integral to Genesis' growth for nearly 20 years, leading GBG's transition from a small home builder of less than 150 homes annually, to one that is a focused production home builder operating in 15 communities in the Calgary Metropolitan Area producing and selling over 400 homes per year," commented Griggs. "The Board looks forward to working closely with PS as he leads the strong team building Genesis for years to come."
"I am excited to take on the role of CEO of Genesis at an important time in its growth as a significant land developer and home builder in the Calgary area," said Mr. Sidhu. "I look forward to continuing to work closely with our exceptional management team and with our board to grow Genesis in the years to come."
In addition to Mr. Sidhu, the Genesis executive team is comprised of:
Brian Whitwell, Chief Investment Officer
Rob Sekhon, Chief Financial Officer
Travis McArthur, Senior Vice President & General Counsel
Brendan McCashin, Senior Vice President, Land Development
Mike deBoer, Vice President, Homebuilding
Virat Reddy, Vice President, Finance & Technology
About Genesis
Genesis is an integrated land developer and residential home builder operating in the Calgary Metropolitan Area holding a portfolio of well-located, entitled and unentitled primarily residential lands and serviced lots.
Cautionary Statement Regarding Forward Looking Information
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements") within the meaning of applicable securities legislation, including Canadian Securities Administrators' National Instrument 51-102 'Continuous Disclosure Obligations', concerning the business and operations of Genesis. Forward-looking statements in this news release include, but are not limited to, matters relating to future growth. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "scheduled", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on material factors or assumptions made by us with respect to, among other things, opportunities that may or may not be pursued by us; changes in the real estate industry; fluctuations in the Canadian and Alberta economy; changes in the number of lots sold and homes delivered per year; and changes in laws or regulations or the interpretation or application of those laws and regulations. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.
Although Genesis believes that the anticipated future results, performance or achievements expressed or implied by forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements because they involve assumptions, known and unknown risks, uncertainties and other factors many of which are beyond the Corporation's control, which may cause the actual results, performance or achievements of Genesis to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Accordingly, Genesis cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the impact of contractual arrangements and incurred obligations on future operations and liquidity; local real estate conditions, including the development of properties in close proximity to Genesis' properties; the uncertainties of real estate development and acquisition activity; fluctuations in interest rates; ability to access and raise capital on favourable terms; not realizing on the anticipated benefits from transactions or not realizing on such anticipated benefits within the expected time frame; the cyclicality of the oil and gas industry; changes in the Canadian US dollar exchange rate; labour matters; governmental regulations; general economic and financial conditions; stock market volatility; and other risks and factors described from time to time in the documents filed by Genesis with the securities regulators in Canada available at www.sedarplus.ca, including in the Corporation's MD&A under the heading "Risks and Uncertainties" and the Corporation's annual information form under the heading "Risk Factors".
The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Genesis Land Development Corp.
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