MFC Industrial Names James Carter CFO And Peter Kellogg Chairman - Quick Facts

(RTTNews) - MFC Industrial Ltd. (MIL) announced that it has appointed James Carter as Chief Financial Officer, Peter Kellogg as Chairman and Shuming Zhao as a director of the Company to fill the vacancy created as a result of the recent passing of Ian Rigg.

Carter, the company's new CFO is a Chartered Accountant with over 40 years of experience in both public and private companies. Carter has served as Vice-President of the Company for over 15 years. Carter has also served as an officer and director of a number of private and publicly traded companies.

In addition, the company said it is continuing its search for a new CEO and announced that Michael Smith currently intends to retire as CEO after the annual meeting of the Company scheduled for the end of this year. Smith will continue as a director of the Company and plans to work with the Board in searching for a successor and to ensure an orderly succession.

The board of directors of the Company has also determined to declassify its board structure so that all directors will be elected on an annual basis and terminated the Company's shareholder rights plan agreement dated November 11, 2013.

The company said that its board of directors has declared an annual cash dividend for 2014 of $0.24 per common share. Payment and ex-dividend dates and additional information regarding the dividend will be announced in due course.