Parkland CEO to step down after 15 years
Bob Espey will remain in his role during the transition, which will be overseen by Executive Chair Michael Jennings.
Parkland Corporation announced that Bob Espey, President and CEO, will step down after 15 years at the helm of the company.
Espey played a central role in transforming the company from a regional fuel retailer into one of Canada’s largest fuel and convenience networks, with operations across 26 countries. He will remain in his role during the leadership transition and until a new CEO is appointed or by the end of 2025.
“Serving as Parkland’s CEO has been the opportunity of a lifetime. Over the past few months, it became clear that stepping down and announcing my departure may help bring resolution to the situation with Simpson Oil Limited and benefit all shareholders,” said Espey.
To guide the transition, the Board has appointed Michael Jennings as Executive Chair, effective immediately. Jennings, who also serves as Chair of the Board, will oversee a strategic review aimed at maximizing shareholder value, supported by Goldman Sachs Canada and BofA Securities.
A search committee of independent directors has been formed to identify Espey’s successor. In the meantime, his continued presence will ensure operational stability and continuity throughout the process.
In parallel, Parkland released preliminary Q1 2025 results, projecting Adjusted EBITDA of approximately $375 million. Despite ongoing macroeconomic and regulatory pressures in North America, the company’s international and refining operations remain resilient.
The company reaffirmed its full-year guidance but expects results to land at the lower end of its $1.8 to $2.1 billion range.
