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TransAlta, TransAlta Renewables Change Management

· 02/05/2021 01:29

06:22 AM EST, 02/05/2021 (MT Newswires) -- TransAlta Corporation (TA.TO), at 52-week high, said overnight Thursday that CEO Dawn Farrell will retire from the company and the Board on March 31, 2021 after a decade of leadership.

John Kousinioris, currently Chief Operating Officer of TransAlta Renewables (RNW.TO), will succeed Farrell as CEO and will join the Board of TransAlta on April 1.

Farrell said: "Over the past decade, we've seen the electricity sector fundamentally shift due to regulatory changes, increased competition and technological advancement.

She added: "I'm proud that TransAlta has faced into these challenges and has been able to accomplish a momentous multi-year transformation: from a primarily Alberta-based, coal-fired electricity company into a leading clean and renewables-focused electricity company spanning three countries, delivering growing cash flows, and competitively positioned to take on the vast opportunities ahead of the net zero economy."

Kousinioris will step down as President and as a member of the Board of Directors of TransAlta Renewables effective February 5, 2021. Todd Stack will continue as CFO and will assume the role of President of TransAlta Renewables. He will also join the Board of TransAlta Renewables effective February 6, 2021.

Farrell has more than 35 years of experience in the electricity industry, with roles at TransAlta and BC Hydro, according to a statement.

Price: 11.40, Change: -0.12, Percent Change: -1.04