Activist investor calls for board overhaul at Parkland Corp. in wake of resignations
BNN Bloomberg
An activist investor is calling for a complete board overhaul at Parkland Corp. following the recent resignations of two of the company's board members.
New York-based activist investor Engine Capital LP made the recommendation in a letter released publicly Monday, adding it doesn't believe Parkland's current board should be responsible for its own refreshment process.
Engine, which holds 2.5 per cent of Parkland's outstanding shares, said Parkland should instead collaborate with its largest shareholders to reconstitute the board with directors who will "prioritize the interests of all shareholders."
"We continue to believe that the value creation opportunity at Parkland is very significant, and we urge the company to immediately start working with its largest shareholders versus treating them as adversaries," the letter states.
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