The
No reason for the resignations was provided, but Parkland said in a news release that its board has "unwavering confidence" in the company’s strategy and management team. It also said it is working with a global recruitment firm to fill the vacancies.
Going forward, Simpson Oil has waived its previously agreed-upon right to nominate two members to Parkland's board.
Simpson Oil is headquartered in the
Since 2022, when Parkland consolidated its ownership of Sol, a
Parkland says it is in discussions with
In a note to clients,
"That said, we believe it remains in the
The departures are unlikely to change Parkland's strategy, Davis added.
Parkland said it believes its strong stock performance is a "clear expression of our shareholders' support of Parkland's direction and strategy." Its share price increased by 39 per cent in 2023.
The company has made a number of changes to its business since last March, when
While Parkland rejected Engine's suggestion that it sell or spin off its
In November, Parkland announced it would exceed its previously announced earnings guidance for 2023, something it attributed to favourable market conditions and the company's ongoing efforts to optimize its assets and operations.
Parkland's third-quarter adjusted earnings of
This report by The Canadian Press was first published
Companies in this story: (TSX:PKI)
© 2024 The Canadian Press. All rights reserved., source