By The Canadian Press on January 23, 2024.
CALGARY – Parkland Corp. has named veteran executive Michael Jennings to its board of directors as part of the company’s board renewal process.
The addition of the former HF Sinclair Corp. chief executive to the board is effective Feb. 10.
The move comes as New York-based activist investor Engine Capital LP calls for a complete board overhaul at the company.
Engine Capital, which holds a 2.5 per cent stake in Parkland, has been seeking changes at the company since last March, when it urged it to sell or spin off its Burnaby, B.C., refinery and become a pure play fuel and convenience retailer.
In a recent letter, Engine said it doesn’t believe Parkland’s current board should be responsible for its own refreshment process and that it should collaborate with its largest shareholders to reconstitute the board with directors who will “prioritize the interests of all shareholders.”
Two members of Parkland’s board, both of whom had been nominees of Simpson Oil, Parkland’s largest shareholder, stepped down at the end of last year.
This report by The Canadian Press was first published Jan. 23, 2024.
Companies in this story: (TSX:PKI)