VANOC’s financial leadership structure evolves

Following the successful development, approval and release of its business plan and with its venue construction program on time and on budget, the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) today evolved the structure of its financial leadership team.

“The organization of the 2010 Winter Games is a dynamic project where we recruit the top talent needed for the work at each critical stage. We are always looking for ways to ensure we have the right team for the specific challenges ahead. With a solid financial framework, systems and controls now in place, we have taken advantage of an opportunity to tighten our senior management team as we execute our Games business plan,” said John Furlong, VANOC’s Chief Executive Officer.

Rex McLennan, VANOC’s CFO has decided to return to his earlier successful career in the mining industry. John McLaughlin assumes leadership of the Finance and Administration team as Chief Financial Officer. McLennan will remain available to VANOC to provide assistance and to ensure a smooth transition.

“On behalf of our team, I would like to thank Rex for his contributions to our success and wish him well. VANOC is in great financial shape with a strong team, including a Finance and Administration group that, under John McLaughlin’s leadership, will deliver disciplined and successful financial management of the Games,” Furlong said.

In his new role, McLaughlin is responsible for managing VANOC’s finance, risk management, project scheduling, procurement and administrative functions. McLaughlin was the chief architect of the 2010 Bid Corporation’s financial plan and was named VANOC’s Vice President/Comptroller in 2004.

McLennan joined VANOC in November 2005 from his role as Executive Vice President and CFO at Placer Dome. He was recruited with the primary objective of developing VANOC’s business plan and risk management framework following the study and thorough review of the 2006 Olympic Winter Games. The business plan, including a risk control and management framework, was completed and approved earlier this year and released publicly in May.

“I have greatly enjoyed working with the VANOC team and am very proud of our many accomplishments. I have complete confidence in their continued success,” said McLennan.

The changes were approved by the VANOC Board of Directors earlier this week and are effective immediately.

VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic Winter Games from March 12 to 21, 2010.

VANOC Communications
mediarelations@vancouver2010.com