New Brunswick Tribune

President and CEO of NB Power are leaving as the firm is in a “transformation phase”

The president and CEO of NB Power are leaving during the organization's "transition phase."

Key Takeaways:

  • The board of directors reports that the president and CEO of the power provider in New Brunswick have made his resignation known.

According to the board of directors, the president and CEO of New Brunswick’s electricity utility have announced his resignation.

Per the press release from NB Power, acting president, and CEO Lori Clark has been named in place of departing CEO Keith Cronkhite.

Cronkhite, named in April 2020, was characterized as a “high-caliber executive with a strong track record of leadership inside NB Power” by Charles V. Firlotte, chair of NB Power’s board of directors.

Nevertheless, Firlotte said in a statement, “As we look to the future, we are facing unprecedented challenges with a global energy conflict that is adding more cost pressure and escalating already excessive debt levels; pressing federal rules for the phasing from out fossil fuels; and the requirements to help New Brunswickers with the rapid adoption of greener energy solutions.

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“As a result, the Board has determined that we must start an important organizational restructuring.”

According to the press release, the board hired Price Waterhouse Canada to oversee a strategic review that will “find immediate methods to optimize the present cost structure and meet debt obligations.”

To “meet New Brunswickers’ power demands in a cost-effective, dependable, and environmentally sustainable way,” the business will consider alternate options.

The NB Power board is currently searching for a new president as well as CEO, and they have stated that it will take “several months” to complete the process.

The president and CEO of NB Power are leaving during the organization's "transition phase."
The president and CEO of NB Power are leaving during the organization’s “transition phase.” Image from CBC News

However, Firlotte claimed the business is in “excellent hands” with Clark as acting president and CEO. Clark is a chartered professional accountant who studied leadership at Wharton Business School and nuclear technology at MIT.

I do not doubt that Keith and Lori will make the transition seamless for our clients, staff members, and partners.

The time has reached for us to advance quickly to guarantee that NB Power can provide fair and competitive pricing as well as sustainable energy for upcoming generations.

Source: CTV News

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