Keith Cronkhite Being Replaced As CEO Of NB Power
Keith Cronkhite is being removed as the president and CEO of NB Power. The board of directors announced on Monday that Lori Clark, the senior vice president of operations, has replaced him in an acting role.
Board chair Charles V. Firlotte says the provincial utility plans to strike out in a new direction under new leadership.
“As we look to the future we are facing unprecedented challenges with a global energy crisis that is adding more cost pressure and exacerbating already excessive debt levels; pressing federal regulations for the phasing out of fossil fuels; and a need to support New Brunswickers with the rapid adoption of greener energy solutions,” Firlotte said in a release. “As such, the Board has concluded we must embark on a significant transformation of the organization.”
The board has retained Price Waterhouse Canada to lead a strategic review, including identifying immediate ways to optimize the current cost structure and meet debt obligations.
It will also find alternative solutions to meet New Brunswickers’ power needs in a cost-competitive, reliable and environmentally sustainable way.
The board is initiating an executive search for a president and CEO. This process is expected to take several months.