Algonquin Power & Utilities Corp. Adds to the Board of Directors

Algonquin Power & Utilities Corp. (“Algonquin”, “AQN” or the “Company”) (TSX: AQN) (NYSE: AQN) appointed Brett Carter, former Executive Vice President and Group President, Utilities, to the Board.

Brett C. Carter was the Executive Vice President and Group President, Utilities and Chief Customer Officer of Xcel Energy Inc. from March 2022 to October 2023. Prior to that, Mr. Carter served as Xcel’s Executive Vice President and Chief Customer and Innovation Officer. Mr. Carter also has extensive experience in serving in key operational leadership positions at Bank of America and Duke Energy Company. He serves as a director of Graco Inc., a position held since February 2021. Mr. Carter holds a B.S. in accounting from Clarion University of Pennsylvania and an MBA with a concentration in marketing from the University of Pittsburgh. He also completed the Harvard Business School Advanced Management Program.

In connection with the Board appointments, the Company and Starboard Value LP (together with its affiliates, “Starboard”), which own approximately 9.0% of Algonquin’s outstanding common shares, have entered into a cooperation agreement (the “Agreement”) dated April 18, 2024. Pursuant to the Agreement, Starboard has withdrawn its previously-announced director nominations for election and agreed to support the Company’s nominees for election at the Annual Meeting. In addition, Starboard and the Company have agreed to customary standstill, voting and other provisions related to, among other things, the composition of the Board and committees of the Board, expiring in advance of the Company’s 2025 annual meeting of shareholders. Starboard and the Company have also entered into a non-disclosure agreement for purposes of sharing information and having discussions relating to the pursuit of a sale of the Company’s renewable energy business and the Company’s CEO search.

 “We appreciate the opportunity we have had to engage with our shareholders and gather valuable input on Board composition over the past year,” said Mr. Moore. “Both Brett and Chris bring unique perspectives to the Algonquin Board, collectively possessing a wealth of additive expertise in areas such as utility operations, regulatory matters, corporate finance, information technology, and cyber and physical security. We remain committed to refreshing our Board to support the Company’s strategic transformation into a pure play regulated utility to enhance shareholder value.”

Jeff Smith, Chief Executive Officer of Starboard, commented, “Throughout our engagement with Algonquin, we have appreciated the open dialogue with management. Algonquin is a great company with a strong portfolio of businesses and tremendous opportunities for value creation. We believe Brett and Chris bring key experience and insight that will complement the rest of the Board and support the management team’s pursuit of the Company’s strategic objectives. As a significant investor, we look forward to continuing to work constructively with Algonquin.”

View full announcement here.

Partners Josh Nathanson and Mike Lynch are proud to have partnered with Starboard Value and Algonquin Power & Utilities on this Board appointment. Learn more about ON Partners by downloading our recent 2024 Private Equity Talent Trends Report, which unveils the five key themes reshaping executive talent strategies in private equity and our recent Variance Report, which explores four executive hiring trends of 2023.

Starboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $18 billion of total assets. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity.

AQN’s common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN’s common shares, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNB, and AQNU, respectively.

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