Analyst Rupert Merer NBF saidNPI plots the next stage of its evolution, starting with CEO change NPI announces CEO transition NPI announced that CEO Mike Crawley and the Board of Directors have agreed to a leadership transition. Mr. Crawley will continue his tenure at Northland until September 30, 2024. John Brace, Chair of the Board, has moved into the role of Executive Chair, where he will serve as a bridge between Mr. Crawley and the next President & CEO in order to facilitate a smooth handover. Mr. Brace has served as Northland's CEO from 2003 to 2018, spearheading its developments in efficient natural gas, offshore wind and onshore renewable energy. Ian Pearce, the Governance and Nominating Committee's Chair, has been designated as the Lead Independent Director. NPI has not made any changes to its financial guidance, strategy or out, highlighted at its investor day. Though leadership changes introduce uncertainty, NPI should stay the course While any shake-ups in management can cause uncertainty with investors, we believe NPI should be able to manage through the change effectively with the leadership from its former CEO to guide the company in the interim. NPI highlights that the company is currently in a period of stability, following an active year last year with a number of major development milestones reached in 2023 and continued portfolio rationalization into 2024. Today, it is focussed on operations and construction execution, backed by a deep bench with experienced operators and project managers. With no major operational, financial or development milestones outstanding, it is a good time for NPI to identify a leader for the next steps in its evolution. The news comes after a recent announcement of the departure of former CFO Pauline Alimchandani in January. Adam Beaumont is serving as interim CFO, and is well equipped, with over 13 years of finance experience at NPI. With the CEO search now on, the CFO search will be put on hold until a candidate has been selected. We believe the management changes should not impact NPI's progress with its in-construction and development assets and there is adequate support and bench strength for the transition of the CEO role. However, with the search for a new CEO and CFO ongoing, investors may be cautious in the near term. With an unchanged long-term view, we maintain our target of $34 /sh, which is based on a long-term DCF with a cost of equity of 8.5%.