Parkland Corp. has named Steven Richardson as chairman of its board of directors, effective immediately, according to a Friday announcement.
Richardson replaces incumbent Jim Pantelidis, who is retiring after leading Parkland’s board since September 1999.
Pantelidis has shifted to an advisory role with the board, holding the title of chairman emeritus until Parkland’s next annual shareholder meeting.
"On behalf of the board of directors I would like to thank Jim for his invaluable contributions to Parkland's growth and strategy," Bob Espey, president, and CEO of Parkland, said in the announcement. "We wish him well in retirement and look forward to his support as an advisor to the company."
Richardson joined Parkland’s board in 2017. He’s the chairman of the company’s audit committee, and also serves on its human resources and compensation committee.
Richardson is also on the board of directors of SupremeX Inc., a packaging and envelope manufacturer, where he chairs the audit committee. He’s held several executive positions — such as chief financial officer and executive vice president — for a variety of financial and retail companies, such as retail business firm Hudson’s Bay Company, Wells Fargo Canada and Beneficial Canada.
Pantelidis' retirement and Richardson's appointment as board chairman are part of Parkland’s ongoing “refreshment process,” according to the announcement. The company did not specify whether this is tied to the ongoing investor pressure it’s faced this year, with shareholders unhappy with the company’s long-term outlook and corporate structure.
One investor, Engine Capital, had expressed dismay that Parkland re-nominated Pantelidis for board chairman re-election, even though the company recently added a 10-year term limit.
In May, Parkland replaced two of its longtime board members, David Spencer and John Bechtold, with representatives from its largest shareholder, the Simpson Group. In July, Parkland appointed electric and gas industry veteran Nora Duke to its board of directors.
With 1,860 stores in its Canadian network, Calgary, Alberta-based Parkland is the largest independent fuel retailer and second-largest c-store operator in Canada. In the U.S., Parkland supplies fuel to independently owned gas stations and operates 212 c-stores under a variety of banners, including On the Run, Rhinehart Oil, Hart’s, Superpumper and KB Express.
