Engine Capital has reiterated its request to meet with Parkland's board as soon as possible From jefflagerquist
The company's footprint spans thousands of stores and gasoline stations in Canada, the U.S. and the Caribbean under brands like On the Go, Pioneer and Ultramar, as well as frozen food retailer M&M Food Market. Engine's March 22 letter to Parkland's board suggests selling or spinning off its Burnaby, B.C. refinery as part of a transition to a pure-play gas station and convenience store operator.
"Engine has engaged with more than 50 boards of directors over the last decade, and we have never encountered a situation where one has been so unresponsive," Engine managing partner Arnaud Ajdler and partner Brad Favreau wrote in a letter published Thursday Parkland spokesperson Simon Scott said on Thursday that the company has engaged with Engine "frequently over the past several months."In its latest letter, Engine also took aim at Espey's $5.3 million in direct compensation in 2022, as outlined in company regulatory filings, an increase from $4.3 million the previous year.
As part of its push to shake up Parkland's board of directors and limit tenure to 10 years, Engine says it's "disappointed" that chairman Jim Pantelidis intends to add three more years to his 24 years on the board.
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