The New Brunswick Electric Utility Board of Directors has announced that its President and CEO is stepping down.
In a news release, NB Power announced the departure of Keith Cronkhite and Lori Clark, senior vice-president of operations, was named interim president and CEO.
Charles V. Firlotte, Chairman of NB Power’s Board of Directors, described Cronkhite, who was appointed in April 2020, as a “high caliber executive with a long history of leadership at NB Power.”
“However, as we look to the future, we face unprecedented challenges with a global energy crisis increasing cost pressure and exacerbating already excessive debt levels; pressing federal regulations to phase out fossil fuels; and a need to support New Brunswickers with the rapid adoption of greener energy solutions,” Firlotte said in a statement.
Point Lepreau Nuclear Generating Station license hearings resume in Saint John
“As such, the Board has concluded that we need to undertake a significant transformation of the organization.”
Blue Jays mourn death of coach’s daughter
Inside Ontario’s group homes where kids were called ‘paychecks’
The release said the board has retained Price Waterhouse Canada to lead a strategic review, which would include “identifying immediate ways to optimize the current cost structure and meet debt obligations.”
The company will also explore alternatives “to meet the electricity needs of New Brunswickers in a competitive, reliable and environmentally sustainable manner.”
NB Power’s energy efficiency program criticized by Auditor General
The NB Power board is now looking for a new CEO and said that process is expected to take “several months.”
However, with Clark – a chartered professional accountant who studied nuclear technology at MIT and leadership at Wharton Business School – as interim president and CEO, Firlotte said the company is in “good hands. “.
“I’m confident Keith and Lori will ensure a seamless transition for our customers, employees and partners,” he said.
“Now is the time for us to urgently evolve to ensure that NB Power is able to provide reasonable and competitive prices and clean energy for future generations.
© 2022 Global News, a division of Corus Entertainment Inc.