CANADA: Cott Corp. announces board addition

Cott Corp. has appointed the chairman of Toronto-based private equity firm Callisto Capital to its board of directors.

The soft drinks company said yesterday (13 February) that Graham Savage, who also serves on the boards of Sun-Times Media Group and Canadian Tire Corporation, has joined Cott this month.

Savage has previously worked with Rogers Communications where he rose to the position of senior vice president, finance and later CFO, which he held for seven years.

Cott's chairman of the board Frank Weise said: "Mr. Savage's substantial industry-leading and strategic experience will bring a creative partnership-based approach to the board's ability to act in the best interest of our investors. His management and financial background are impressive and we are pleased to welcome someone of his calibre to our board."

Last week, the company reported how "an extreme commodity environment" had hammered its fourth quarter and full-year results. Net loss in 2007 soared to US$73.1m from $17.5m in 2006. For the final quarter, net loss more than doubled to $76.8m from $29.6m in the corresponding period a year earlier.

The losses in the full-year came despite flat sales of $1.78bn from $1.77bn. The company saw restructuring, assets impairment and other charges leap in the year to $90.8m from $38.5m a year earlier. Full-year operating loss was $57.1m, as compared to income of $2.3m in the prior year.