Convenience-store operator Parkland Corp. on Sunday announced the departure of two of its board members nominated by its largest shareholder.
Simpson Oil Ltd. nominees Michael Christiansen and Marc Halley have left the company’s board of directors, Parkland said. The Calgary, Alberta-based company, which operates more than 200 c-stores in the United States under Parkland USA, also said it is “in discussions” with Cayman Islands-based Simpson Oil about its shareholding in the company.
- Parkland USA is No. 37 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by company-owned store count.
“We would like to thank Michael and Marc for their contributions to the board,” said 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 Corp. allowed Simpson Oil to name two nominees for election to Parkland’s board of directors in March. The announcement came on the same day that one of Parkland’s other investors, Engine Capital LP, asked the fuel and convenience-store company to consider selling or spinning off its non-core assets, which it later did. At the time, Parkland Corp. wouldn’t comment on whether the two instances were related.
Parkland confirmed its 2024 adjusted EBITDA guidance of $2 billion announced at its 2023 Investor Day, accelerating its previous guidance by a year. It was also a top-performer on the Toronto Stock Exchange in 2023, the company said.
“The company’s board and management are focused on executing its strategy that will continue to create long-term value for all shareholders,” Parkland said.
Christiansen and Halley were nominated for election to the board pursuant to the terms of a board nomination agreement between Simpson Oil and Parkland on March 21. They were then elected to the board at Parkland’s annual general meeting on May 4. Simpson has provided notice of its waiver of its nomination rights, which will terminate as of April 2, in accordance with the agreement’s terms.
Parkland’s search to replace them is ongoing.
Parkland Corp. is the parent company of Parkland USA, which has c-stores under several brands, including On the Run.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.