Michael (Mike) Chorlton to step down as President and CEO of Parkland Income Fund in May 2011 and Robert (Bob) Espey COO to succeed
RED DEER, AB, Dec. 3 /CNW/ - Parkland Income Fund ("Parkland" or the "Fund") (TSX: PKI.UN), Canada's largest independent fuel distributer and marketer, today announced that Mike Chorlton is stepping down as President and Chief Executive Officer effective May 1, 2011. At that time Bob Espey, currently Chief Operating Officer, will succeed Mr. Chorlton as President and CEO.
"This was the planned CEO succession strategy developed by the Board dating back to 2008 when Mr. Espey was recruited as a potential successor for Mr. Chorlton," said Jim Pantelidis, Chairman of the Board of Directors and an instrumental figure in the recruitment of Mr. Chorlton as CEO in September 2005. "Under Mr. Chorlton's leadership, Parkland has grown from a regional retail fuel marketer to the largest national independent fuel marketer in Canada with retail, commercial, wholesale, home heating oil, convenience store and other related operations. During Mr. Chorlton's tenure, Parkland's enterprise value (EV) has grown from approximately $250 million in 2005 to approximately $950 million currently.
"On behalf of the board of directors, I wish Mike all the best with his retirement plans and truly appreciate the significant contribution he has made to the growth and development of Parkland Income Fund, along with his wise counsel and advice to the Board and Management."
Mr. Espey joined Parkland Income Fund in November 2008 as Vice President Retail Markets and is currently Chief Operating Officer. Prior to Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors including manufacturing, international consulting, and the Canadian military.
"I invite our partners and employees to join me in welcoming Bob Espey to the role of President and CEO of Parkland," said Mike Chorlton, outgoing President and CEO. "I have complete faith and confidence in Bob's ability to provide the strategic leadership that Parkland requires to achieve its aggressive growth targets in the years ahead and to deliver outstanding shareholder value."
Prior to joining Parkland, Mr. Espey spent 3 years with FisherCast Global where he was the executive in charge of worldwide sales and marketing, and was ultimately promoted to Chief Executive Officer.
Espey was Vice President of Algonquin Automotive, a tier one automotive supplier to all of the major automotive manufacturers where he led the reengineering of key supply chains to significantly reduce costs, and led a joint venture start-up in nano-technology for the firm.
Espey spent a total of 6 years in London, England, primarily with Computer Sciences Corporation (CSC), in the strategy and change management practice. At CSC Espey worked with multinational clients including Alstom Transport, Airbus, Bata Shoes, Kvaerner Engineering and Meggit Defence. Espey was also a partner with What If Impact, a London based innovation consultancy where he worked with Coca Cola, Shell, Unilever and the BBC.
Espey also spent 4 years in the Canadian Navy as a commissioned officer.
Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and his Masters in Business Administration from the Ivy School of Business, University of Western Ontario.
"I am thrilled with the opportunity to lead Parkland," said Bob Espey, incoming President and CEO of Parkland. "I want to thank Mike Chorlton for his guidance and stewardship over the past 2 years. Through this period of significant change at Parkland, Mike has been a model of leadership and I look forward to continuing his legacy."
Michael Chorlton's Background
Mr. Chorlton has been President and Chief Executive Officer of Parkland Income Fund since September 2005.
Prior to joining Parkland, Mr. Chorlton held a number of senior management positions in Canada and the United States including President and CEO of Saskferco Products Inc., Vice President of Renessen LLC, and Managing Director of Exxon Chemical Fertilizer Company. Mr. Chorlton began his career with Esso Chemicals Canada where he spent more than 14 years in a variety of progressive positions.
Mr. Chorlton currently serves on the Board of Directors of Parkland Income Fund, and the Canadian Petroleum Products Institute. He is a past board member with SaskEnergy Inc., Saskferco Products Inc., Neptune Terminals, and various industry associations and not for profit organizations. International board experience includes Zhangwu Renessen Specialty Grain Company (China).
Mr. Chorlton holds a Bachelor of Engineering (Mechanical) from McGil University, a Masters in Business Administration (International Management) from the University of British Columbia where he was a major scholarship winner, and completed several senior management programs including the Advanced Management Program at the Wharton Business School, University of Pennsylvania.
About Parkland Income Fund
Parkland Income Fund is Canada's largest independent fuel distribution and marketing company, delivering fuel products from regional refineries to retail, commercial and reseller customers coast-to-coast. Through its network of 620 retail locations, 77 commercial branches, 71 cardlock locations and through wholesale agreements, the Company distributes 3.4 billion litres of fuel annually, representing 4.7% of the total Canadian fuel market (market share in some regions of operation is higher).
Parkland currently distributes fuel to retail customers under its Fas Gas Plus, Fas Gas and Race Trac brands as well as through distribution agreements with 293 Esso locations. Parkland also supplies propane, bulk fuel, heating oil, lubricants, industrial fluids and associated services to commercial and industrial customers across Canada under the Neufeld, United Petroleum, Columbia Fuels, Bluewave Energy, and Great Northern Oil brands.
Parkland offers investors a balance of yield and growth. The Company is delivering value to unitholders by growing fuel volumes through carefully selected acquisitions, working closely with suppliers to achieve a material cost advantage and achieving greater efficiency through operational excellence.
Parkland units and convertible debentures trade on the Toronto Stock Exchange (TSX) under the symbols PKI.UN and PKI.DB. For more information visit www.parkland.ca.
For further information: For further information: For investor and media inquiries, or to be added to the email news alert service, please contact Tom McMillan, Investor Relations Manager, Mike W. Chorlton, President and CEO or Ken J. Grondin, Senior Vice President and CFO at 403-357-6400 or [email protected]