Wajax Corporation, a distributor of heavy equipment and industrial parts in Canada, announced that its board of directors and President and CEO Iggy Domagalski have agreed to initiate a CEO succession process. As part of the transition, Domagalski will continue to serve as President and CEO and a director of Wajax until the process is completed.

The Mississauga, Ontario-based company said it has engaged an executive search firm to conduct the CEO search process, which is expected to be completed in the first quarter of 2026.

“Since being appointed President and CEO in early 2022, Iggy has successfully guided Wajax through significant challenge and change with exceptional dedication,” Wajax Board Chair Edward Barrett said in an Oct. 15 news release. “His steady leadership during the post-pandemic period was instrumental in managing Wajax’s response to pent-up industrial demand in many key markets. Over the past year, he successfully led efforts to reduce inventory and strengthen our balance sheet, substantially completed the roll-out of Wajax’s new ERP system and appointed an experienced Chief Operating Officer to focus on operational excellence and building organizational capabilities. Under his direction, Wajax has streamlined back-office operations, improved cost and inventory discipline and prioritized the development of our people. He has also championed enhancements to employee health and wellness, as well as broader community initiatives. In short, Iggy has established a solid foundation that positions Wajax for its next phase of growth.”

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Wajax posted 2024 total sales of $1.4 billion that were down 2.6% annually, with gross margin down 120 basis points and net profit of $36.4 million down 36.6% while adjusted EBITDA of $115.6 million on margin of 8.0% decreased by 14.9% and 12.6%, respectively. In its 2025 2Q, Wajax revenue slid 3.7% year-over-year; gross margin of 19.1% fell 180 bps; net profit of $12.1 million fell 27.2%; and adjusted EBITDA of $32.3 million on margin of 8.2% declined 18.3% and 8.2%, respectively.

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“With this foundation in place, the board’s intent is to identify a CEO with experience that aligns with Wajax’s next phase – someone focused on accelerating Wajax’s growth trajectory and capitalizing on emerging opportunities. This transition is not about changing direction, but about building strategically on the momentum created under Iggy’s leadership,” Barrett continued. “On behalf of the board, I want to thank Iggy for 17 years of service within the Tundra and Wajax organizations, and for his steady leadership and unwavering commitment to the Wajax team.”

“This is the right time to begin an orderly CEO succession process,” Domagalski added. “Wajax is performing well, achieving solid operating and financial results and maintaining a healthy balance sheet. These strengths make it possible to focus on the future and begin a leadership transition. I am extremely proud of what we have accomplished together and am grateful to all of my colleagues for the tremendous talent and dedication they bring to work every day. It has been a privilege to serve such a respected company – one that has helped shape Canada’s industrial landscape for generations. On a personal level, I feel this is the appropriate moment to make this transition. I intend to remain a significant shareholder in the company and look forward to working closely with the board and management team in the coming months to ensure a smooth and effective succession.”