Parkland Corp. says its chief executive is planning to step down as activist shareholders push for sweeping changes at the fuel refiner and retailer. Read More
Parkland Corp. says its chief executive is planning to step down as activist shareholders push for sweeping changes at the fuel refiner and retailer. Serving as CEO has been the “opportunity of a lifetime,” Bob Espey said in a news release Wednesday. “Over the past few months, it became clear that stepping down and announcing
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CALGARY – Parkland Corp. says chief executive Bob Espey has told its board of directors that he plans to step down from the top job.
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The change comes as the company’s largest shareholder tries to replace a majority of the board.
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Parkland says Espey will remain in the role until the appointment of a new CEO, the completion of the company’s strategic review, or Dec. 31, whichever occurs first.
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The company also says board chair Michael Jennings has been appointed executive chair, while director James Neate will serve as lead independent director.
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Simpson Oil Ltd., which owns almost 20 per cent of Parkland’s shares, has named nine nominees it wants to see voted in as directors at the meeting set for May 6. It says Parkland’s current leadership has failed and that new board members are needed to hold management accountable.
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Parkland has called Simpson’s board proposal an attempt to seize control of the company without paying a premium.
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