02:37 PM EDT, 03/25/2024 (MT Newswires) -- Northland Power ( NPIFF ) announced Monday that CEO Mike Crawley and the Board of Directors have agreed to a leadership transition. Crawley will continue at Northland until September 30. John Brace, Chair of the Board, has moved into the role of Executive Chair, where he will serve as a bridge between Crawley and the next President & CEO to facilitate a smooth handover. Brace served as Northland's CEO from 2003 to 2018. Ian Pearce, Governance and Nominating Committee's Chair, has been designated as the Lead Independent Director. NPI has not made any changes to its financial guidance or strategy.

Though leadership changes introduce uncertainty, NPI should stay the course, writes National Bank's Rupert Merer. "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."

The news comes after a recent announcement of the departure of former CFO Pauline Alimchandani in January. Adam Beaumont is serving as interim CFO. With the CEO search now on, the CFO search will be put on hold until a candidate has been selected, Merer notes.

"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, National is maintaining its target of $34 /sh and Outperform rating.

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