Canada's utility firm Algonquin appoints former PE executive as director

Algonquin Power & Utilities

02/02/2024 13:07

Feb 2 (Reuters) - Canada's Algonquin Power & Utilities
 AQN.TO  said on Friday it had appointed a private equity
veteran as a new independent director, amid a push from activist
firms to boost its earnings. 
    The utility firm said David Levenson, a former managing
partner at Brookfield Asset Management, will join its board,
effective immediately.
    "We welcome David to the Board as we advance our strategic
transformation into a pure play regulated utility," said Kenneth
Moore, chair of Algonquin's board. 
    The company announced its CEO's resignation in August last
year, the same day it said it was considering a sale of its
renewable energy unit following push for changes from activist
firms including Corvex Management and Starboard Value.
    Corvex and Starboard did not immediately respond to a
Reuters request for comment on the latest appointment.      
     

 (Reporting by Sourasis Bose in Bengaluru; Editing by Shinjini
Ganguli)
 ((Sourasis.Bose@thomsonreuters.com;))