Northland Power Announces Retirement of CEO John Brace and Appointment of Mike Crawley as Chief Executive Officer, Effective August 4, 2018
TORONTO, May 22, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) today announced that Chief Executive Officer John Brace will retire on August 4, 2018 after 30 years with the company. Mike Crawley, currently Northland's Executive Vice President, Development has been appointed to the role of Chief Executive Officer, effective August 4, 2018. Mr. Brace and Mr. Crawley will work together to ensure a smooth transition. Mr. Brace will continue to serve as a Director of Northland.
John joined Northland in 1988, shortly after the company was founded. He was appointed Chief Executive Officer in 2005. He has steered Northland through many of its projects, initiatives and growth. Under his leadership, the company has grown to its current enterprise value of $12 billion. John was appointed to Northland's Board of Directors on April 4, 2018, and along with Northland's other board members, will stand for re-election at Northland's Annual General Meeting on May 23rd, 2018.
Mike Crawley has been with Northland since 2015. He has led Northland's project development team to notable successes including Northland's investment in the 252 MW, €1.3 billion Deutsche Bucht offshore wind farm, and the allocation of 300 MW to Northland's Hai Long 2 off-shore wind project under Taiwan's Feed-In-Tariff program. Mike is a highly accomplished executive who played a prominent role in the development of the Canadian independent renewable power sector. He was previously CEO of AIM PowerGen, where he led the company's growth from initial concept to one of the largest independent renewable power developers in Canada. During his tenure Mike oversaw the eventual sale of the company to GDF Suez Canada, where he served as President.
Northland's Chair, James Temerty, C.M. said, "We would like to thank John for his invaluable leadership and immense contributions to the success of Northland. We have achieved some truly great things together. We look forward to his continued involvement in the future success of the company from his position on the Board." He added, "We also welcome Mike into his new role as Chief Executive Officer. Mike has continuously demonstrated Northland's values in action and proven that we made a great hiring decision in 2015. We look forward to sustaining our excellent track record and to delivering continued growth."
John Brace said, "I would like to thank the entire team at Northland for a wonderful 30 years. Each and every one of you has contributed positively to the great company that we have built. I very much look forward to our continued association as I sit on the Board."
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The Company owns or has a gross economic interest in 2,458 MW (net 2,029 MW) of operating generating capacity and 252 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project, in addition to the 300 MW (net 180 MW) recently awarded to the Hai Long 2 offshore wind project. Northland's cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland's common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
For further information contact:
Barb Bokla, Manager, Investor Relations, (647) 288-1438
Sarah Charuk, Director of Communications, (647) 288-1105
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northland Power Inc. via Globenewswire