Parkland Corporation announced the departure of Simpson Oil Limited nominees Michael Christiansen and Marc Halley from the company's Board of Directors, effective December 31, 2023.
"We would like to thank Michael and Marc for their contributions to the Board," says Steven Richardson, the chair of Parkland's Board of Directors. "We have an independent Board that has unwavering confidence in the company's strategy and the management team's capability to deliver shareholder value. The outstanding share performance of Parkland in 2023 is a clear expression of our shareholders' support of Parkland's direction and strategy."
Parkland is in discussions with Simpson about its shareholding in the company.
At its 2023 Investor Day, Parkland outlined its strategy to reduce debt, grow the business and increase shareholder returns. Driven by consistent operational execution, Parkland confirmed its 2024 Adjusted EBITDA Guidance of $2 billion, accelerating its previous guidance by a year. In addition, the company set a longer-term objective to double Available Cash Flow per share by 2028.
In 2023, Parkland was a top performer on the Toronto Stock Exchange, achieving a total shareholder return of approximately 50%. The company's Board and management are focused on executing its strategy that will continue to create long-term value for all shareholders.
Christiansen and Halley were nominated for election to the Board pursuant to the terms of the Board Nomination Agreement between Simpson Oil and Parkland, dated March 21, 2023, and subsequently elected to the Board at Parkland's Annual General Meeting on May 4, 2023. Simpson has provided notice of its waiver of its nomination rights under the Board Nomination Agreement. In accordance with its terms, the Board Nomination Agreement will terminate as of April 2, 2024.