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Algonquian Power (NYSE: AQN) +1.3% post-market Thursday, after activist shareholder Starboard Value said it had nominated three candidates to join the utility’s board, in the hedge fund’s latest attempt to push for changes at the company.
The current Algonquin (AQN) board of directors “has a long history to make value-destroying decisions,” Starboard said. “This is clearly evidenced by the board’s poor succession planning following the departure of former CEO Ian Robertson, from pursuing the acquisition of Kentucky Power. and by the negligent management of the company’s financial statements, which led to a substantial reduction in the dividend.
Last year, Starboard joined shareholder Corvex Management in urging Algonquin (AQN) to sell most of its renewable energy assets to help reduce debt and improve earnings.
Starboard is Algonquin (AQN)’s largest shareholder, with a stake of around 9%.