Interfor appoints Nicolle Butcher as independent director
British Columbia-based lumber-producing giant Interfor announced that Nicolle Butcher has been appointed as an independent director of the company.
Butcher is the chief operating officer of Ontario Power Generation (OPG), where she has held a wide range of roles with increasing responsibility over the past 22 years. Interfor's appointment was effective May 19.
She has served as chair of the board of both Eagle Creek Renewable Energy (OPG’s US hydro subsidiary) and Atura Power (OPG’s fleet of combined cycle gas plants) and as a member of the MaRS-Advanced Energy Centre Advisory Board of Directors.
In 2021, the executive was named one of Canada’s Top 100 Most Powerful Women and named Women of the Year by WIRE (Women in Renewable Energy) and APPRO (Association of Power Producers of Ontario).
The appointment increases the number of Interfor directors to 11 and the percentage of women directors to 27%. The Burnaby, British Columbia, Canada-based company said that it is well on track to achieve its target of at least 30% women on its board by its next annual general meeting of shareholders in 2024.
Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 5.2 billion board feet and offers a diverse line of lumber products to customers around the world.
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The manufacturer recently reported that commodity prices impacted its first quarter 2023 financial results. Sales increased 2.4% to nearly 830 million Canadian dollars (US$614.4 million) from sales of C$810.3 million (US$599.8 million) in the fourth quarter 2022.
But Interfor posted a net loss of C$41.3 (US$30.57 million) for the first quarter marking a massive swing from a net income of C$397 million (US$294 milloin).
Read more about Interfor’s first quarter 2023 financial results here.