titanium transportation has made 10 asset-based trucking acquisitions since 2011. image: jim allen/freightwaves
Titanium Transportation Group TTR is losing its chief financial officer (CFO), Kasia Malz, who worked at the Canadian trucking and logistics firm for five years. During that period, the company made multiple acquisitions and rolled out an IPO.
Malz has decided to resign, effective on Friday, March 15, to work in another industry, the company said in a news release. She will remain with Titanium as an advisor during a transition period.
"On behalf of the board of directors, I would like to thank Kasia for her dedication and many contributions over the past five years while Titanium has experienced tremendous growth. We wish her much success in her future endeavors," Titanium CEO Ted Daniel said.
Alex Fu, Titanium's Director of Finance, will serve as the interim CFO, while the company searches for a replacement.
Malz, a certified public accountant, joined Titanium in 2014 to help take the company public and had previously advised it on mergers and acquisitions. Titanium's investor presentation earlier this month noted her expertise in "valuations, tax and due diligence" to "allow for quality acquisition selection."
Titanium has made 10 asset-based trucking acquisitions since 2011, and CEO Daniel noted in comments to analysts on March 6, would continue looking to purchase additional companies during the year.
Titanium is working with Toronto-based Left Lane Associates to find suitable acquisition targets for cross-border operations.
Titanium, headquartered in Bolton, Ontario, near Toronto, reported record fourth quarter and year-end financial results on March 5. Revenue increased by 43 percent, while earnings before tax and other charges, increased from 55 percent in 2018.
The company plans to purchase as many as 68 trucks and 160 trailers in 2019, growing a 475 power unit and 1,500 trailer fleet.
Titanium has been on a long-term upward streak, appearing on the Profit 500 list of Canada's fast-growing for the past 10 years.
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