TSX:TWM - Post Discussion
Post by
retiredcf on Nov 29, 2022 8:45am
RBC
Tidewater Midstream (TSX: TWM) and Tidewater Renewables (TSX: LCFS)
Quick Take: CEO transition and changes to the Board Chairs
Our view: We did not expect the companies to make these changes, and we believe the announcement will come as a surprise to the market. Looking forward, we believe the market may view the move to name Thomas Dea as Chairman of Tidewater Midstream as a sign that there might be a greater focus on surfacing shareholder value in the near term, which could be positive for Tidewater Midstream's share price. We note that he only recently joined the Tidewater Midstream board as part of the July 2022 equity financing where Kicking Horse (Thomas Dea is the President and CEO of Kicking Horse) initially invested $16 million in Tidewater Midstream as part of a private placement.
Details
Joel MacLeod is stepping down as CEO of both companies. The Boards of Directors of Tidewater Midstream and Tidewater Renewables announced that Joel MacLeod is stepping down from his management and board roles for both companies "to pursue other opportunities."
Robert Colcleugh named interim CEO for both companies effective immediately. Robert Colcleugh has been on the board of Tidewater Midstream since May 2017. He has prior experience in the oil and gas business as both a Board Chair and CEO, as well as having capital markets experience given his investment banking roles.
New Board Chairs. Thomas Dea will serve as Chairman of Tidewater Midstream and Robert Colcleugh will serve as Chairman of Tidewater Renewables. Brett Gellner will continue to serve as Lead Independent Director of Tidewater Renewables.
Be the first to comment on this post