10:17 AM EDT, 03/25/2024 (MT Newswires) -- Northland Power Inc. ( NPIFF ) declined more than 2% on Monday.

The Canadian power utility announced that CEO Mike Crawley will be leaving the company as of September 30, 2024.

"This announcement, particularly at this time, is unexpected and will likely surprise the market," CIBC Capital Markets analyst Mark Jarvi said in a note to clients.

"While the market will speculate on what triggered the change, we do not believe there were any major disagreements or issues," Jarvi said.

"Until there is clarity on who takes over, we believe the uncertainty could cap or weigh on NPI's share price, and limit/delay the expected recovery that we believe can happen as NPI de-risks its key growth projects," the analyst said.

Jarvi maintained an Outperform rating and $30 price target on the stock.

Northland declined $0.55, or 2.4%, to $22.10 on the Toronto Stock Exchange in morning trading.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 22.11, Change: -0.54, Percent Change: -2.38