Spark Power Announces Changes to Board of Directors

Rhea-AI Summary

Spark Power Group Inc. announced significant changes to its Board of Directors effective April 27, 2022. Larry Taylor and Dan Ardila have resigned, while Lorie Waisberg has joined as an independent director. Jason Sparaga has stepped down as Board Chair, with Lucio Di Clemente taking over the role. The restructured board aims to provide improved oversight and value creation for shareholders, with all members standing for re-election at the upcoming meeting on May 25, 2022. The new leadership is expected to enhance the company's governance and align with its growth strategy.

Positive

• Appointment of Lorie Waisberg, a skilled independent director, expected to strengthen board capability.
• Lucio Di Clemente appointed as Chair, bringing experience for strategic guidance.
• Board reconstitution aimed at unlocking shareholder value.

Negative

• Resignation of experienced directors raises concerns about continuity and expertise.

OAKVILLE, ON / ACCESSWIRE / April 27, 2022 / Spark Power Group Inc. (TSX:SPG), parent company of Spark Power Corp. ("Spark Power" or the "Company"), today announced the following changes to its Board of Directors, effective April 27, 2022:

• Larry Taylor, former lead independent director, resigned from the Board.
• Dan Ardila, a non-independent director, resigned from the Board.
• Lorie Waisberg was appointed to the Board as an independent director.
• Jason Sparaga resigned as Board Chair and will continue forward as a non-independent director.
• Lucio Di Clemente, current independent director, was appointed Board Chair.

"On behalf of all shareholders of Spark Power, I want to thank Larry Taylor for his many years of service on the board, including as Chair, Lead Independent Director and leading numerous committees," said Founder and outgoing Board Chair, Jason Sparaga. "From the very beginning, Larry worked very hard to establish and implement a framework for governance that helped the organization meet its primary obligations as a public company, while also fostering an environment that supported its rapid growth, and we would not be where we are today without him," he added.

As a result of these changes, the following members comprise the Spark Power Board of Directors, all of whom plan to stand for re-election at the upcoming Annual and Special Meeting of Shareholders on May 25, 2022:

• Lucio Di Clemente - Board Chair and independent director.
• Daniel Peloquin - independent director
• Joseph Quarin - independent director
• Lorie Waisberg - independent director
• Jason Sparaga - non-independent director
• Andrew Clark - non-independent director
• Eric Waxman - non-independent director

"I look forward to working with this reconstituted Board of Directors," said President & CEO, Richard Jackson. "This mix of skills and structure will provide me and my team with the right balance of oversight, guidance and support needed at this time," he added.

"I am very pleased to welcome Lorie Waisberg to the Spark Power board," said incoming Board Chair, Lucio Di Clemente. "I have worked with and served on other boards over many years with Lorie, and his experience and skill set is exactly what we need as we work with management to unlock value for all shareholders," he added.

About Spark Power
Spark Power is a leading independent provider of end-to-end electrical services, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.

Investor and Regulatory Inquiries:
Richard Perri, Executive Vice President & Chief Financial Officer
investors@sparkpowercorp.com
+1 (905) 829-3336

Media Inquiries:
April Currey, Vice President, Sales & Marketing
media@sparkpowercorp.com
+1 (905)-829-3336

SOURCE: Spark Power Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/699137/Spark-Power-Announces-Changes-to-Board-of-Directors

FAQ

What changes were made to Spark Power's Board of Directors on April 27, 2022?

Spark Power's Board saw the resignation of Larry Taylor and Dan Ardila, while Lorie Waisberg was appointed as an independent director. Jason Sparaga stepped down as Board Chair, succeeded by Lucio Di Clemente.

Why did Larry Taylor resign from the Spark Power Board?

The press release does not specify the reasons for Larry Taylor's resignation.

What impact are the board changes expected to have on Spark Power (SKPGF)?

The changes aim to improve governance and oversight, with the new board expected to enhance value creation for shareholders.

Who is the new Chair of Spark Power's Board of Directors?

Lucio Di Clemente has been appointed as the new Chair of the Board.

When will the new board members stand for election?

The new board members plan to stand for re-election at the Annual and Special Meeting of Shareholders on May 25, 2022.