Parkland Corp. (PKI.TO), an international fuel distributor, marketer, and convenience retailer, announced on Wednesday that its CEO and President Bob Espey will step down. Michael Jennings will assume the new role of Executive Chair and James Neate is appointed as Lead Independent Director.
Parkland is planning a strategic review to identify opportunities and considering alternatives including asset divestments, acquisitions, transformative business combinations and a sale.
The company said, Espey has agreed to continue until the appointment of a new CEO, the completion of the strategic review, or December 31, 2025.
The Board has formed a CEO search committee to select a qualified candidate to replace Espey.
Parkland noted that the recent regulatory developments in Canada and the United States have created volatility and intensified market disruptions, curtailing the profitability.
Looking ahead to the first quarter of 2025, Parkland expects adjusted EBITDA of approximately $375 million.
Canada expects to deliver Adjusted EBITDA of approximately $110 million.
The company said in view of the broader shift in the macro and regulatory environment, it plans to fully exit positions in the first quarter, resulting in a charge of approximately $55 million.
International expects to deliver Adjusted EBITDA of approximately $181 million. USA expects to deliver Adjusted EBITDA of approximately $16 million. Refining expects to deliver Adjusted EBITDA of approximately $79 million.
For 2025, the company expects adjusted EBITDA guidance of $1.8 billion to $2.1 billion and now expects results to be toward the lower end of that range.
Parkland will release its first quarter 2025 results after market close on May 5, 2025.
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