Parkland Corp. has named veteran executive Michael Jennings to its board of directors as part of the company's board renewal process.
The addition of the former HF Sinclair Corp. chief executive to the board is effective Feb. 10.
The move comes as New York-based activist investor Engine Capital LP calls for a complete board overhaul at the company.
Engine Capital, which holds a 2.5% stake in Parkland, has been seeking changes at the company since last March, when it urged it to sell or spin off its Burnaby, B.C., refinery and become a pure play fuel and convenience retailer.
In a recent letter, Engine said it doesn't believe Parkland's current board should be responsible for its own refreshment process and that it should collaborate with its largest shareholders to reconstitute the board with directors who will "prioritize the interests of all shareholders."
According to a release on the announcement from Parkland Corp.: “Michael is a seasoned chief executive officer and Board member with over three decades of international integrated energy experience. We are delighted to welcome him to our Board of Directors,” says Steven Richardson, chairman of the Board. “Michael brings extensive executive and public board experience. His track record as a CEO underscores his industry knowledge and strategic acumen. Our Board and Parkland's shareholders will benefit greatly from his expertise as we advance our strategy to deliver long-term value to all shareholders.”
Jennings’ career includes nearly two decades with HF Sinclair Corporation and predecessor companies Holly Frontier and Frontier Oil. Like Parkland, these companies provide petroleum products and renewables across the USA, Canada, and Europe and have extensive transportation and storage infrastructure.
As CEO of HF Sinclair, Jennings led large-scale operational and financial integrations, delivered significant growth, and enhanced shareholder value, according to Parkland Corp.
With files from The Canadian Press and Parkland Corp.