Business
Algonquin Power & Utilities Corp. Announces Extension of Cooperation Agreement with Starboard and Additions to the Board of Directors
Appoints New CEO Rod West and Starboard Senior Partner Gavin Molinelli to the Board Exten...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"Algonquin Power & Utilities Corp. Announces Extension of Cooperation Agreement with Starboard and Additions to the Board of Directors\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n\n Appoints New CEO Rod West and Starboard Senior Partner Gavin Molinelli to the Board\n \n\n\n\n Extends Cooperation Agreement With Starboard\n \n\n\n\n\n Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) (“AQN”, “Algonquin” or the “Company”) announced today that its Board of Directors (the \"Board\") has appointed CEO Rod West to the Board. The Board also intends to appoint Gavin Molinelli, Senior Partner and Portfolio Manager at Starboard Value LP (together with certain of its affiliates, “Starboard”) to the Board, subject to approval by the Federal Energy Regulatory Commission. Mr. Molinelli’s appointment will become effective immediately following the receipt of such approval. Following the appointments of Mr. West and Mr. Molinelli, the Board will be comprised of 11 directors, 9 of whom are independent.\n \n\n “Following constructive discussions with Starboard, we are pleased to have reached this agreement which we believe benefits all of our shareholders. Gavin will be a valuable addition to our Board as we focus on moving the Company forward on its clearly stated strategy to transition to a pure-play regulated utility,” said Randy Laney, Chairman of the Board.\n \n\n Mr. Laney added, “We’re proud to have a CEO of Rod’s caliber leading Algonquin into the future and delighted to welcome him to the Board. We look forward to continuing to work closely with Rod and the management team to execute our strategy and unlock value for our stakeholders.”\n \n\n “I am excited to join the Board and look forward to working with Gavin and my fellow board members to advance our future path towards creating substantial value for our shareholders and broader stakeholder community,” said Mr. West. “Our Board and management team remain fervently focused on improving the Company’s operational efficiency and accelerating execution as a pure-play regulated utility for the benefit of our shareholders, customers, employees and communities we serve.”\n \n\n Gavin Molinelli, Senior Partner and Portf...