Engine Capital demands Parkland board overhaul for accountability

Engine Capital LP, a New York hedge fund owning 2.5% of Parkland Corp., is demanding a board overhaul as the Calgary-based fuel refiner considers a sale. The fund claims the current board cannot be trusted to act in investors' interests. Parkland recently announced a strategic review after previously resisting calls for change. The company is now open to options, including a sale, following a court ruling that favored major shareholder Simpson Oil, which owns nearly 20% of Parkland. Engine Capital criticized the board for financial underperformance and lack of accountability for CEO Bob Espey. The fund is pushing for the appointment of shareholder representatives and independent directors to improve governance and maximize shareholder value.