Parkland announced that it has appointed Michael Jennings to the company's Board of Directors, effective February 10, 2024. Mr. Jennings most recently held the title of CEO at HF Sinclair Corporation from January 2020 to November 2023, and has extensive expertise in refining, midstream, and marketing. We view the appointment constructively given Mr. Jennings' extensive executive and public board experience in the Energy industry.
Details:
• Michael Jennings appointed to the Board. Mr. Jennings brings a wealth of experience in the Energy industry with nearly two decades at HF Sinclair Corporation and predecessor companies; he most recently held the title of CEO of HF Sinclair from January 2020 to November 2023. HF Sinclair, similar to Parkland, distributes petroleum products/renewables and has an extensive transportation and storage infrastructure, though we note HF Sinclair operates in the US, Canada, and Europe. Mr. Jennings also previously served on the board of HF Sinclair's predecessors, FTS International, ION Geophysical Corp, and Montage Resources (Chairman); he currently also serves on the Board of the Plaza Group.
• PartoftheBoardrenewalprocess.ParklandhasbeenworkingonfillingtheBoardvacanciesfollowedbySimpsonOil'sdeparture announced on December 31, 2023 (note here), with one seat now remaining. Given Engine Capital's recent release (here), we believe the Board renewal process will remain top of mind for investors in the coming months.