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Algonquin Power (NYSE:AQN) +1.3% post-market Thursday after activist shareholder Starboard Value said it nominated three candidates to join the utility’s board, in the hedge fund’s latest attempt to push for changes at the company.
Algonquin’s (AQN) current board “has a long history of making value-destructive decisions,” Starboard said. “This is most clearly evidenced by the board’s poor succession planning around former CEO Ian Robertson’s departure, the pursuit of the Kentucky Power acquisition… and careless management of the company’s balance sheet, which led to a material reduction in the dividend.
Last year, Starboard joined shareholder Corvex Management in urging Algonquin (AQN) to sell a majority of its renewable energy assets to help reduce debt and improve earnings.
Starboard is Algonquin’s (AQN) largest shareholder, with a ~9% stake.