Algonquin Power & Utilities extends cooperation agreement with activist investor Starboard (updated)

Algonquin Power & Utilities

13/03/2025 21:24

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March 13 (Reuters) - Algonquin Power & Utilities AQN.TO said on Thursday it has extended its cooperation agreement with Starboard Value and plans to appoint the hedge fund's representative Gavin Molinelli to its board.

The company said Molinelli's appointment will take effect immediately after receiving approval from the Federal Energy Regulatory Commission (FERC).

The Canadian utility has been under pressure from Starboard Value, its biggest shareholder, and other activist firms to reduce debt and improve earnings.

Recently appointed CEO
Rod West
, has also been appointed to the company's board of directors.

Following the appointments, Algonquin's board will comprise of 11 directors, 9 of whom are independent.

 (Reporting by Pooja Menon in Bengaluru; Editing by Tasim Zahid)

 ((Pooja.Menon@thomsonreuters.com;))