AQN - Algonquin Power CEO Banskota steps down; company will seek renewable unit sale

2023-08-10 07:21:57 ET

• Algonquin Power & Utilities ( NYSE: AQN ) said Thursday that Arun Banskota has stepped down as President and CEO effective immediately, and board member Christopher Huskilson will become interim CEO.
• Huskilson is an energy industry veteran with more than 20 years of experience leading utility businesses, including 13 years as CEO of Emera Inc.
• Algonquin ( AQN ) also said it plans to pursue a sale of its Renewable Energy Group, seeking to unlock the company's value as a pure-play regulated utility by simplifying its structure and enabling a focus on lower risk regulated investment opportunities.
• The company said it expects to use the proceeds of a renewables sale to reduce debt and fund share repurchases.
• Algonquin ( AQN ) also reported Q2 adjusted earnings of $0.08/share on revenues of $628M.

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