Feb 14 (Reuters) - Algonquin Power & Utilities ( AQNB )
said on Friday it had named insider Brian Chin as interim CFO as
the company overhauls its leadership after coming under pressure
from activist investor Starboard Value.
Chin, Algonquin's vice president of investor relations,
joined the company in 2021 and has over two decades of
experience in the utilities industry. His appointment is
effective March 7.
The company recently replaced Chris Huskilson as CEO
with industry veteran Rod West, who takes over the helm on the
same day.
Starboard Value, which is the company's biggest
shareholder, and other activist investors have been forcing the
company to cut debt, boost earnings and shed renewable assets.
Last year, the company said it would sell its renewable
energy business, excluding the hydropower operations, to a unit
of U.S.-based LS Power for up to $2.5 billion and would also
offload a 42.2% stake in Atlantica Sustainable Infrastructure to
Energy Capital Partners for $2.56 billion.
In January, the utility firm said CFO Darren Myers would
step down after seeing through the reporting of the company's
fourth-quarter results.