Smart Employee Benefits Inc. Corporate Update

MISSISSAUGA, Ontario, Dec. 31, 2020 (GLOBE NEWSWIRE) -- Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) is pleased to announce the following updates:

Board of Director and Chairman Changes – Our Chairman, Ronald Barbaro has resigned as Chairman and Director of the Company. Mr. Barbaro has been Chairman and Director from the early stages when SEB was founded. Mr. Barbaro remains one of the largest shareholders of SEB and committed to the success of the Company. Mr. Barbaro is scaling back his business activities to focus more on family. We thank Mr. Barbaro for his leadership and commitment to the Company over the years.

States John McKimm, President/CEO of Smart Employee Benefits Inc., “Ron has been an incredible resource and mentor in building SEB over the years. Ron’s lifetime of global experience in the insurance industry has been invaluable in developing and executing SEB’s business model and strategy. Over the years, Ron has been a pillar of strength and commitment at pivotal points in the development of SEB.”

Philp Armstrong has assumed the role of Chairman of the Board – Mr. Armstrong has been a Director of the Company since May 2017. He has been a member and Chair of the Governance and Compensation Committee. Mr. Armstrong has also been a member of the Company’s Special Committee established to provide guidance to management during the process of finalizing the Company’s strategic investment from The Co-operators Group. Mr. Armstrong brings a wealth of financial services, capital market and public market expertise to SEB. Mr. Armstrong is also a substantial shareholder of SEB from the days SEB was founded.

States John McKimm, President/CEO of Smart Employee Benefits Inc., “We are pleased to welcome Philip as our new Chairman of the Board. I have worked with Philip for a number of years, both as a Board member of SEB and previously on other entities where Philip was President/CEO. I am pleased that Philip has accepted this new responsibility and look forward to his support and guidance as our new Chairman of the Board.”

Stephen Peacock Appointment as Vice Chairman of the Board – Mr. Peacock has been appointed as Vice Chairman of the Board. Mr. Peacock has been a founding Director of SEB since the Company became public. He has been Chair of the Audit Committee and a member of other Board Committees including the Governance and Compensation Committee and the Special Committee in providing guidance to the strategic investment from The Co-operators Group. Mr. Peacock has a wealth of public market and merger and acquisition expertise. Mr. Peacock will remain Chair of the Audit Committee and a member of the Governance and Compensation Committee. Mr. Peacock is also a significant shareholder of SEB from the days SEB was founded.