Algonquin Power & Utilities Corp T.AQN.PR.A

RE:Fire Banskota

[AlwaysLong683]

MS12345 wrote: Let me be clear. I take the current situation very seriously," Banskota told analysts on a conference call Thursday morning. "Regardless of the challenges we face, I'm holding myself and this management team accountable for improving our trajectory."

If this moron held himself accountable, he would have resigned.

Banskota has been CEO of AQN since July 2020 (or 2 1/2 years).

Typically if a CEO has been in place this long and a company has to scramble to cut a dividend he and the BOD increased to this point by this much, and is forced to sell assets that were acquired under his leadership to correct an excessive debt situation that was caused at least in part by feasting on cheap debt at floating rates and growing too much too quickly when times were good while knowing those goldilocks economic conditions were not going to last forever, the CEO resigns.

Couple the above with the fact that this is a utility company which should be far less volatile and risky to manage than say a small cap tech play with limited incoming cashflow or revenues, and it's even more bizzare.

I'm sure Banskota's pay package has been quite lucrative during his tenure at AQN and he would likely get a nice monetary parting gift if he did step down, so he won't exactly have to pinch pennies to survive unless he was as careless with his own money as he was with AQN's.

My guess is if Banskota had announced his intention to resign by a certain date after a transition period when the PR indicating the date of the Investor Update was issued, then allowed either the new permanent or interim CEO to handle the Investor Update presentation, the market reaction would have been more positive. Asking a CEO to clean up a mess he was significantly responsible for making in the first place does not inspire confidence in the investment community.