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An activist investor says Parkland Corp. wants a whole board overhaul following the current resignations of two board members.
New York-based activist investor Engine Capital LP stated in a letter launched publicly Monday that it doesn’t imagine Parkland’s present board must be accountable for its personal renewal course of.
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Engine stated Parkland ought to collaborate as a substitute with its largest shareholders to reconstitute the board with administrators who will “prioritize the pursuits of all shareholders.”
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Engine Capital has been making intermittent calls for for change at Parkland since final March, when it urged the corporate to promote or spin off its Burnaby, B.C., refinery and grow to be a pure-play gasoline and comfort retailer.
Its newest criticism comes simply weeks after the resignation of two members of Parkland’s board, each of whom had been nominees of Simpson Oil, Parkland’s largest shareholder.
No purpose for the resignations was offered, however Engine stated Monday it desires Parkland to start out working with its largest shareholders fairly than treating them like adversaries.
This report by The Canadian Press was first printed Jan. 22, 2024.
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