It’s full steam ahead at BC Ferries after pleasing results in the latest fiscal and the Captain of the Enterprise is so confident things are going well he’s going to clear the bridge next year and step down.
President & CEO Mike Corrigan has been at the helm since January 2012 — he joined BC Ferries in 2003, starting as the Executive Vice President of Business Development — and his announced resignation is set for the end of the fiscal year and his current contract in March 31, 2017. His departure comes at a time when most of the indicators are positive for the service provider responsible for the delivery of “safe, efficient and dependable ferry service along coastal British Columbia” under mandate from the Provincial Government.
Corrigan has the fleet humming along nicely, at least it was in the latest fiscal year when consolidated net earnings were $69.6 million compared to $49.1 million a year earlier. Revenues were up from $841.1 million in fiscal 2015 to $869.8 million in fiscal 2016 and Corrigan says this is primarily due to an increase in traffic volumes, probably driven by a low Canadian dollar, the general improvement in British Columbia’s economy, and lower gas prices. Studies have shown that when the price of gas goes above $1.40, ferry traffic goes down.
It appears more Canadians are opting to vacation at home and BC Ferries is “seeing the return of the U.S. visitors,” adds Corrigan.
In a nod to his most important priority, Corrigan started off his presentation at BC Ferries’ annual general meeting in mid-August with a review of stellar safety numbers. Since implementing SailSafe —an initiative borne out of the 2007 BC Auditor General comprehensive safety review on the ferry service (the Morfitt Report) — both crew and passenger safety have increased significantly.
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