President's Message

Greg Yuel

Greg Yuel

We entered the 2016 fiscal year anticipating a tough ride and we got it.  We hoped for a light at the end of the tunnel in the energy sector and it was just not there.  As that reality became ever more apparent throughout the year we pulled in our horns at our Operating Companies and especially in PIC Investment Group Inc. 

We made tough decisions necessary for our survival this past fiscal year, but not just for the sake of cutting; they were made to lay a foundation from which to grow.  It was a back to basics approach.  We made changes in PIC Investment Group Inc specifically intended to stack our team for the long term as we pursue acquisition opportunities that will significantly impact our size and earning potential in the future. 

Phyllis Salisbury made such an impressive contribution to ClearTech Industries while seconded to them that they realised they did not want to lose her, so she stayed.  In that regard we delivered on our mandate of helping our Operating Companies.

We added Terris Chorney, an experienced and successful former Business Development Manager, investment banker, MBA and engineer.  While portfolio managing Panther Industries during their restructuring, and assisting Clayton, Terris is also searching, screening, and then negotiating & executing on any acquisition within the PIC Group. Terris and I have worked hard on acquisition opportunities for PIC and for Operating Companies.  None came to fruition this year, but we remain vigilant. 

Cara Petrovicz joined the PIC Group as our HR Business Partner, seconded to us from Frontline.  She spreads her time across the PIC Group as she seeks to build Frontline’s service offering.  Similar efficiencies include Grace Yuel coming to us as an Administrative Assistant taking as many of the jobs she can from our Office Manager Bodie Elliott, who left us to get her MBA.  Assisting PIC in fulfilling those responsibilities, as well as helping Laurie with due diligence, is Eric Verity who organised his academic schedule at University during this last year in order to work half-days at PIC.  In addition, we established a practice of regular meetings among the Portfolio Managers and we have increased our communication about industry intelligence and opportunities.

All of these efforts intend to solidify a culture worth being protective of.  The Tribal Leadership initiative Craig Bell has delivered across PIC Group companies has helped proliferate cultural characteristics between PIC Group companies.  The cohorts and personal coaching help support our emerging leaders in PIC Group companies. 

We enjoyed announcing the arrival of three PIC Group leaders, all groomed from within our organisation.  Clayton Schneider began transforming Panther Industries and bringing diversification to the Revenue base by unlocking new opportunities.  Ron Striker began implementing his business plan for Adventure Destinations.  Rick Court embraced the leadership of Round Table Management & G Mechanical.  Continuation of regular board meetings will help solidify Ricks and the other newly appointed leaders’ autonomy for their company. 

Although we experience no material or positive financial changes year over year, we can withstand the negative impact of the energy and mining sectors effect on a few of our companies because our Balance Sheet is outstanding.  We spent the year perfecting our core and our culture.  We are ready for an exciting future and we look forward to the work it will take to bring opportunities to fruition.