Parkland Corp. appoints two new directors amid pressure

Parkland Corp. has appointed two new independent directors to its board amid pressure from an activist investor. The additions, Felipe Bayon and Sue Gove, were announced on Tuesday. Bayon previously led Ecopetrol, Colombia's largest energy company, while Gove has experience with LKQ Corp. and was the CEO of Bed Bath & Beyond. This move is part of Parkland's broader effort to enhance returns for shareholders. Earlier this month, the Calgary-based fuel refiner said it would explore various options, including a potential sale of the company, mergers, and asset sales. This review follows ongoing demands from Engine Capital, a New York hedge fund, and Simpson Oil, which holds a significant stake in Parkland. Engine Capital has urged for a complete restructuring of Parkland's board, claiming it has not acted in the best interest of shareholders. The firm holds 2.5% of Parkland's shares, while Simpson Oil owns 20%. In a related note, Parkland has invited Simpson to return to the board to participate in a committee that is evaluating these strategic options. Simpson had previously stepped down amid a governance dispute and even sued Parkland over restrictions that limited its voting rights. A court recently ruled in favor of Simpson in this matter.