Algonquin Power & Utilities Corp. Announces Extension of Cooperation Agreement with Starboard and Additions to the Board of Directors
Appoints New CEO Rod West and Starboard Senior Partner Gavin Molinelli to the Board
Extends Cooperation Agreement With Starboard
“Following constructive discussions with Starboard, we are pleased to have reached this agreement which we believe benefits all of our shareholders. Gavin will be a valuable addition to our Board as we focus on moving the Company forward on its clearly stated strategy to transition to a pure-play regulated utility,” said Randy Laney, Chairman of the Board.
Mr. Laney added, “We’re proud to have a CEO of Rod’s caliber leading Algonquin into the future and delighted to welcome him to the Board. We look forward to continuing to work closely with Rod and the management team to execute our strategy and unlock value for our stakeholders.”
“I am excited to join the Board and look forward to working with Gavin and my fellow board members to advance our future path towards creating substantial value for our shareholders and broader stakeholder community,” said Mr. West. “Our Board and management team remain fervently focused on improving the Company’s operational efficiency and accelerating execution as a pure-play regulated utility for the benefit of our shareholders, customers, employees and communities we serve.”
Gavin Molinelli, Senior Partner and Portfolio Manager of Starboard, commented, “Throughout the course of our engagement with Algonquin, we have appreciated the collaborative and open dialogue we have had with members of the Board and management team. We invested in Algonquin because of its great portfolio of utility assets across attractive modalities and regulatory jurisdictions, which we believe have tremendous untapped earnings potential. There is a substantial opportunity at Algonquin to improve the Company’s earned ROE, which should result in meaningful earnings growth going forward. I look forward to working closely with Rod and the Company to drive further operational and financial improvements and enhance value for shareholders.”
In connection with the foregoing, the Company and Starboard, which owns approximately
A copy of the Agreement will be filed on SEDAR+ at www.sedarplus.com and on Form 6-K with the United States Securities and Exchange Commission.
About Rod West
Rod West is AQN’s Chief Executive Officer. Mr. West previously served as Group President, Utility Operations for Entergy. He oversaw the company’s electric and natural gas distribution, customer service operations, the utility’s engagement with state and local regulators, and regulated retail commercial development and innovation. From 2010-2017, Mr. West served as Executive Vice President and Chief Administrative Officer at Entergy. Prior to that, he served as President and CEO of Entergy New Orleans. Mr. West earned his Juris Doctor and MBA from Tulane University. Mr. West also has a bachelor's degree from the University of Notre Dame, where he lettered three years and played linebacker and tight end for Coach Lou Holtz and the Fighting Irish's 1988 National Championship football team.
About Gavin Molinelli
Gavin Molinelli is a Senior Partner and Portfolio Manager of Starboard Value LP. Mr. Molinelli has extensive public company board experience, having served on boards through his role at Starboard Value, including as Chair of Acacia Research Corp. Previously, he served on the boards of Forest City Realty Trust, Inc., Depomed, Inc., Wausau Paper Corp., and Actel Corp. Prior to Starboard's formation in 2011, Mr. Molinelli was a Director and an Investment Analyst at Ramius LLC for the funds that comprised the Value and Opportunity investment platform. Prior to joining Ramius in October 2006, Molinelli was an analyst in the Technology Investment Banking group at Banc of America Securities LLC. Mr. Molinelli received a B.A. in Economics from
About Algonquin Power & Utilities Corp. and Liberty
Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in
Visit AQN at www.algonquinpower.com.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ‘‘forward-looking information’’ within the meaning of applicable securities laws in each of the provinces and territories of
View source version on businesswire.com: https://www.businesswire.com/news/home/20250312266170/en/
Investor Inquiries:
Brian Chin
Interim Chief Financial Officer and Vice President, Investor Relations
Algonquin Power & Utilities Corp.
E-mail: InvestorRelations@APUCorp.com
Telephone: (905) 465-4500
Media Inquiries:
Stephanie Bose
Senior Director, Corporate Communications
Liberty
E-mail: Corporate.Communications@libertyutilities.com
Telephone: (905) 465-4500
Source: Algonquin Power & Utilities Corp.