Parkland Corp.’s President and CEO Bob Espey is stepping down from the convenience retailer, according to a Wednesday announcement.
Espey will remain with the company through 2025, or until it appoints a new CEO or completes its ongoing strategic review, which commenced early last month. Parkland is exploring several options for the future of the business in that review, including mergers, divestitures, acquisitions and even an outright sale of the company.
His resignation comes about a week after Parkland’s largest shareholder, Simpson Oil, launched a takeover attempt of the retailer’s board in a bid to restructure the business. Simpson’s first priority, it said earlier this month, would be to oust Espey.
In a statement on Wednesday, Espey said it became clear over the past few months that stepping down “may help bring resolution to the situation with Simpson Oil Limited and benefit all shareholders.”
Espey has been at the helm of Parkland — which has about 200 company-operated c-stores in the U.S. — since 2011. The company’s board of directors has formed a CEO search committee made of independent directors to select his replacement.
Espey said he remains “deeply committed to Parkland and will support a smooth transition to new leadership.”
“Serving as Parkland’s CEO has been the opportunity of a lifetime,” Espey said. “I want to thank the entire Parkland team — past and present — for their incredible dedication and drive. I am proud of what we have built together.”
Michael Jennings, a member of Parkland’s board since 2024 and former CEO of oil retailer Sinclair Corp., has been appointed executive chair. Beyond board leadership, Jennings will be tasked with leading the strategic review process.
“Bob has led Parkland through a period of exponential growth, transforming the Company from a small regional fuel retailer into one of Canada’s leading fuel and convenience retailers with international operations in twenty-six countries,” Jennings said in the announcement. “We thank him for his unwavering commitment and dedication.”
More details regarding Espey’s departure and future board reconstruction will be shared during Parkland’s annual shareholder meeting on May 6.
