Starboard Value nominates three candidates to Algonquin Power's board (updated)

Algonquin Power & Utilities

21/03/2024 21:39

(Adds details and background in paragraph 2-6)
       March 21 (Reuters) - Activist hedge fund Starboard Value
said on Thursday it had nominated three candidates to join the
board of Canadian utility Algonquin Power & Utilities Corp
 AQN.TO .
        Starboard is the largest shareholder in Algonquin, with
a stake of about 9%.
  
        Thursday's announcement marks Starboard's latest effort
to push for changes at the company, and comes months after it
joined activist investor Corvex Management in 
    urging
     Algonquin to sell a majority of its renewable assets to
reduce debt and improve earnings. 
  
        In August, Algonquin said it was considering a sale of
its renewable energy unit and announced its CEO's 
    resignation.
    "The company has made several important changes ... however,
this has not been an easy engagement, with certain influential
members of the board impeding progress and the majority of the
board either passive or complicit," Starboard said in a
statement.
    Algonquin did not immediately respond to a request for
comment.
    The Starboard nominees are Brett Carter, Chris Lopez and Rob
Schriesheim. Algonquin's shareholder meeting is scheduled for
June 4.
        
  

 (Reporting by Arunima Kumar in Bengaluru; Editing by Devika
Syamnath)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))