08:20 AM EDT, 04/07/2025 (MT Newswires) -- Parkland (PKI.TO) on Monday appointed Brad Monaco as chief financial officer and said it received notice from Simpson Oil, which owns about 19.8% of Parkland's outstanding common shares, that it intends to nominate nine directors for election at the annual general meeting.

Parkland called the move "a self-interested attempt by Simpson, a minority shareholder, to seize full control of Parkland without paying a control premium."

"Many members of the Simpson slate lack credibility and relevant experience to meet the standards required to govern a public company of Parkland's scale and complexity," said Parkland Board Chair Michael Jennings. "However, in the interest of resolution and collaboration with Simpson, Parkland has selected three of Simpson's nominees who meet Parkland's governance standards and propose to include one of the Simpson nominees on the special committee overseeing the strategic review."

Parkland's board is proposing a slate of thirteen directors. The board expects to reduce its size to 11 members before the 2026 annual general meeting of shareholders. The company's annual general meeting is scheduled for May 6 in Calgary, Canada.

Shares of the company closed down 6% to $31.88 on Friday on the Toronto Stock Exchange.