18:01:28 EDT Sat 18 May 2024
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Parkland Corp
Symbol PKI
Shares Issued 175,781,784
Close 2024-01-23 C$ 46.15
Market Cap C$ 8,112,329,332
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Globe says Parkland adds director with refining history

2024-01-24 07:12 ET - In the News

The Globe and Mail reports in its Wednesday edition that days after a New York hedge fund urged Parkland to refresh its board, the fuel retailer has added an industry veteran to its ranks. The Globe's Jameson Berkow writes that Michael Jennings, who retired as chief executive officer of U.S. refining giant HF Sinclair Corp. last year, will join Calgary-based Parkland's board on Feb. 10. Engine Capital LP, which owns 2.5 per cent of Parkland, declined to comment on the appointment despite publicly calling on the company's board in a letter Monday to stop "trying to entrench itself" and bring in new directors. Parkland said Mr. Jennings's appointment is part of the company's "ongoing and strategic board renewal process." Engine, however, in its letter, said: "The current board should not be responsible for its own refreshment process. Although some of the current directors may have enjoyed success as executives at large companies, we believe many lack the governance pedigree and financial sophistication to effectively oversee Parkland." Engine has been trying to persuade Parkland to cut costs and sell assets since last year. The company had previously set a target of selling $500-million in assets by the end of 2025.

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