N.B. Power CEO Fired By Board Of Directors

It is a new president and CEO for NB Power after Keith Cronkhite announced he would step down from the role he has held for a little more than two years.

The utility’s board of directors says Lori Clark, NB Power’s current senior vice president operations, has been appointed as acting president and CEO.

Charles Firlotte, chair of NB Power’s board of directors, said in a news release that the board is grateful for Cronkhite’s service throughout the pandemic and for modernizing the electricity act.

Still, the board said it was time for Cronkhite to go.

“As we look to the future, we are facing unprecedented challenges with a global energy crisis that is adding more cost pressure and exacerbating already excessive debt levels; pressing federal regulations for the phasing out of fossil fuels; and a need to support New Brunswickers with the rapid adoption of greener energy solutions,” said Firlotte.

“As such, the Board has concluded we must embark on a significant transformation of the organization.”

NB Power says it hired Price Waterhouse Canada to lead a strategic review to identify “immediate ways to optimize the current cost structure and meet debt obligations” and create cost-effective, reliable and green energy solutions.

The hunt for the utility’s next president and CEO is expected to take several months.

“We are in good hands as we embark on this change, and I am confident Keith [Cronkhite] and Lori [Clark] will ensure a seamless transition for our customers, employees and partners,” said Firlotte, adding there will be challenges.

“The time is now for us to evolve, with urgency, to ensure that NB Power is able to deliver reasonable and competitive pricing, as well as clean energy for future generations.”

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