Parkland has appointed Felipe Bayon and Sue Gove to its board of directors as of March 18, according to a company press release.
The Calgary, Alberta-based convenience retailer and fuel supplier made these moves just a day after major shareholder Engine Capital called for a “comprehensive reconstitution of the Board, including the appointment of shareholder representatives and qualified independent directors.”
Engine Capital called for the board shuffle after Parkland announced a strategic review earlier this month, in which the company is exploring mergers, divestitures, acquisitions and even an outright sale of the company after its stock price has plunged in the past year.
Banyon brings decades of experience in the energy industry to Parkland’s board, including serving as CEO of Columbian energy company Ecopetrol from 2017 to 2023. He also brings M&A experience, having overseen Ecopetrol’s acquisition of a majority of the shares of power company Interconexión Eléctrica S.A.
Gove has held top leadership positions with multiple companies in the retail sector. She spent two years as president and CEO of Bed, Bath and Beyond, as well as six years in multiple leadership roles with Golfsmith, according to her LinkedIn bio. She has also served on the boards of a variety of companies, including three years on the board of apparel company Tailored Brands and 12 years with automotive parts retailer AutoZone.
"Felipe and Sue are accomplished executives with expertise in industries and sectors that align with Parkland's business," said Michael Jennings, chair of Parkland’s board. "Felipe's deep energy industry experience in Parkland's broader international region combined with Sue's extensive retail experience and governance expertise, will be invaluable as the Company explores all options to maximize value for all shareholders."
It’s not clear if Bayon’s and Gove’s appointments will appease Engine Capital, which has accused Parkland of wasting shareholder money on litigation, poorly executing its non-core asset divestment program and failing to hold leaders accountable for its long-term underperformance.
Engine Capital also noted that Parkland’s current strategic review comes less than a year after the retailer rejected calls from Simpson Oil, its largest shareholder, to undergo a similar process. At the time, Parkland said a strategic review would be “unnecessary and does not consider the best interests” of its shareholders.
Engine Capital, which owns about 2.5% of Parkland, has been pressuring the retailer for years to make changes, notably pushing for a sale of all or part of the company.
