Algonquin Power & Utilities Corp. Announces Upcoming Departure of Chief Financial Officer

Rhea-AI Summary

Algonquin Power & Utilities Corp. (AQN) announced the upcoming departure of Chief Financial Officer Darren Myers, who will remain in his position through the reporting of the company's fourth quarter 2024 results. Myers, who joined in August 2022, has decided to pursue another leadership opportunity.

CEO Chris Huskilson acknowledged Myers' significant role in steering the company through its strategic review and the sale of its renewables business, transforming AQN from a hybrid business to a pure-play regulated utility. The company will immediately begin searching for Myers' replacement, with the current CFO committed to ensuring a smooth transition.

Positive

• Orderly transition planned with CFO remaining through Q4 2024 results
• Successful completion of strategic transformation to pure-play regulated utility
• Completed sale of renewables business as part of strategic review

Negative

• Loss of key executive who helped navigate strategic transformation
• Potential disruption in financial leadership during transition period

Replacement search to be conducted as Darren Myers elects to pursue another leadership opportunity

OAKVILLE, Ontario--(BUSINESS WIRE)-- Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) (“AQN” or the “Company”) announced today the upcoming departure of Chief Financial Officer Darren Myers.

“Today I accepted Darren’s resignation as he is pursuing another opportunity,” said Chris Huskilson, Chief Executive Officer of AQN. “Darren will remain as CFO through the reporting of the Company’s fourth quarter 2024 results. Darren joined in August 2022 and has been an important part of the team that steered the Company through its strategic review and the sale of its renewables business. I want to thank Darren for his tremendous contributions to our transformation from a hybrid business to a pure-play regulated utility. We wish him well and will commence a search immediately.”

“It has been a privilege to work alongside Chris and my fellow AQN colleagues. I am proud of our collective accomplishments together,” said Darren Myers. “Algonquin has taken significant steps towards becoming a simpler, more focused regulated utility that is well-positioned for the future.”

Mr. Myers is committed to working with AQN’s management team in an effort to provide a smooth transition. The Company will undertake a search for his replacement.

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 the United States and Canada. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively.

Visit AQN at www.algonquinpower.com and follow us on X.com @AQN_Utilities.

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 Canada and the respective policies, regulations and rules under such laws and ‘‘forward-looking statements’’ within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ‘‘forward-looking statements”). The words “will”, “expects” (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s search for a new Chief Financial Officer. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. AQN cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Forward-looking statements contained herein are provided for the purposes of assisting in understanding the Company and its plans relating to the future and such information may not be appropriate for other purposes. Material risk factors and assumptions include those set out in AQN's Annual Information Form and Annual Management Discussion and Analysis for the year ended December 31, 2023, and Management Discussion and Analysis for the three and nine months ended September 30, 2024, each of which is available on SEDAR+ and EDGAR. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, AQN undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250114234606/en/

Investor Inquiries:

Brian Chin

Vice President, Investor Relations

Algonquin Power & Utilities Corp.

E-mail: InvestorRelations@APUCorp.com

Telephone: (905) 465-4500

Media Inquiries:

Stephanie Bose

Director, Corporate Communications

Liberty

E-mail: Corporate.Communications@libertyutilities.com

Telephone: (905) 465-4500

Source: Algonquin Power & Utilities Corp.

FAQ

When is Darren Myers leaving his position as CFO of AQN?

Darren Myers will remain as CFO through the reporting of AQN's fourth quarter 2024 results.

What major transformations did AQN complete under CFO Darren Myers?

Under Myers' tenure, AQN completed its strategic review and the sale of its renewables business, transforming from a hybrid business to a pure-play regulated utility.

How long did Darren Myers serve as CFO at AQN?

Darren Myers joined AQN as CFO in August 2022 and will serve until Q4 2024 results reporting.

What is AQN's plan for CFO succession?

AQN will immediately begin a search for Myers' replacement, with Myers committed to working with management to ensure a smooth transition.