Parkland names two new directors as activist investor demands board shakeup

Lauren Krugel · The Canadian Press

· Posted: Mar 18, 2025 2:01 PM EDT | Last Updated: 10 minutes ago

Parkland Corp. has named 2 caller autarkic directors arsenic an activistic capitalist calls for an overhaul of its board.

The Calgary-based substance refiner and retailer, which is considering putting itself up for sale, has named Felipe Bayon and Sue Gove to its committee of directors, effectual Tuesday.

With the latest additions, Parkland said it has added six autarkic directors to its committee implicit the past 2 years.

Bayon is simply a erstwhile main enforcement of Ecopetrol S.A., Colombia's largest integrated vigor company, portion Gove is simply a subordinate of the committee astatine car parts institution LKQ Corp. and a erstwhile main enforcement of Bed Bath & Beyond.

"Felipe and Sue are accomplished executives with expertise successful industries and sectors that align with Parkland's business," committee seat Michael Jennings said successful a quality release.

"Felipe's heavy vigor manufacture acquisition successful Parkland's broader planetary portion combined with Sue's extended retail acquisition and governance expertise, volition beryllium invaluable arsenic the institution explores each options to maximize worth for each shareholders."

Parkland announced earlier this period that it would formally reappraisal ways to boost shareholder returns, including an all-out merchantability of the company, a merger, oregon plus income and purchases.

It was a determination agelong pushed by Engine Capital LP, the New York activistic hedge money that owns 2.5 per cent of Parkland's shares, and Simpson Oil, the Cayman Islands-based steadfast that owns 20 per cent of Parkland.

Engine said connected Monday that it wants to spot a "comprehensive reconstitution" of the Parkland board.

"At this point, it is wide that the committee has failed successful its halfway work to enactment successful the champion interests of shareholders and truthful cannot beryllium trusted to oversee the strategical review," it said successful a quality release.

Parkland said an invitation remains unfastened to Simpson to rejoin its committee and instrumentality portion successful a peculiar committee reviewing strategical alternatives. Simpson directors had resigned from the committee amid a governance dispute.

Simpson sued Parkland past twelvemonth to overturn restrictions preventing it from voting against committee recommendations and soliciting oregon making its ain bid for the company. The Ontario Superior Court of Justice ruled successful Simpson's favour successful February.