Michael Christiansen and Marc Halley have stepped down from the board of directors at Parkland Corporation. Both were nominated for election to the Board in March 2023.
Parkland Corporation, a company that operates retail outlets and fuel distribution facilities across more than two dozen countries, boasts over 4,000 retail and commercial locations worldwide under its brand. The corporation, which originated in Alberta, Canada, targets markets with established and high customer demand for its high-quality assets. According to the "About Parkland" page on the company's website, it is expanding digital capabilities in its retail outlets including standalone ON the RUN convenience stores. The company is also offering a wider variety of food choices and making efforts to help customers lower their carbon footprints through low-carbon fuels, electric vehicle charging stations, and expertise in voluntary carbon offset markets.
Steven Richardson, chair of the board of directors, expressed gratitude for Christiansen and Halley's contributions to the Board. "We would like to thank Michael and Marc for their contributions to the Board. 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," said Richardson.
According to a press release announcing Christiansen and Halley’s departures, there exists a board nomination agreement between Parkland Corporation and Simpson Oil. Under this agreement, Christiansen and Halley were nominated by Simpson Oil to join the board in March 2023 and were elected on May 4 at Parkland’s annual meeting. Simpson waived its nomination rights for 2024 with the board nomination agreement set to expire on April 2, 2024. However, the governance agreement between both companies remains intact.
Parkland Corporation is currently seeking qualified professionals as replacements for Halley and Christiansen.
As per a March 22, 2023 newsletter, Simpson Oil is the largest shareholder in Parkland Corporation, holding 19% of its shares. Jim Pantelidis, then-Chairman of the Board of Directors of Parkland Corporation, acknowledged this relationship in the March news release announcing the agreement that led to Halley and Christiansen’s nominations to the company board. "We appreciate the confidence that Simpson Oil has shown in the Parkland Team and the Company's strategic direction. Since Simpson Oil became our largest shareholder, we have continued to advance our strategy and strengthen our growth platform through prudent acquisitions while increasing our dividend each year. Through this agreement we have secured our largest shareholders' ongoing support for our Board of Directors and Management. We look forward to our continued relationship with Simpson Oil, and our mutual confidence and commitment in the long-term strategy and future of our business," said Pantelidis.