Algonquin Power names Rod West as new CEO (updated)

Algonquin Power & Utilities

31/01/2025 11:58

(Adds background and details in paragraphs 2 to 4)
       Jan 31 (Reuters) - Algonquin Power & Utilities  AQN.TO 
said on Friday that industry veteran Rod West will succeed Chris
Huskilson as its new chief executive officer, effective March 7.
    The Canadian firm has been under pressure from Starboard
Value, its biggest shareholder, and other activist firms to
reduce debt and boost earnings, urging it to shed its renewable
assets.
    Last year, the company said it would sell its renewable
energy business, excluding the hydropower operations, to a unit
of U.S.-based LS Power for up to $2.5 billion and would also
offload a 42.2% stake in Atlantica Sustainable Infrastructure to
 Energy Capital Partners for $2.56 billion.
    Huskilson, who was interim CEO since 2023 and made permanent
in May last year, will continue to be a member on the company's
board after stepping down.
    Earlier this month, the utility firm said CFO Darren Myers
will step down after serving through the reporting of the
company's fourth-quarter results.

 (Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid
and Shailesh Kuber)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))