NB Power president and CEO leaving amid organization’s ‘transformation phase’

The board of directors for New Brunswick’s power utility has announced its president and CEO is stepping down from his role.

In a release, NB Power said Keith Cronkhite is leaving and Lori Clark, the senior vice-president of operations, has been appointed acting president and CEO.

Charles V. Firlotte, the chair of NB Power’s board of directors, described Cronkhite, who was appointed in April 2020, as a “high-calibre executive with a long track record of leadership within NB Power.”

“However, 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,” Firlotte said in a statement.

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

The release said the board has retained Price Waterhouse Canada to lead a strategic review, which would include “identifying immediate ways to optimize the current cost structure and meet debt obligations.”

The company will also look at alternative solutions “to meet New Brunswickers’ power needs in a cost competitive, reliable and environmentally sustainable way.”

The NB Power board is now looking for a new president and CEO, and said this process is expected to take “several months.”

However, with Clark — a chartered professional accountant who studied nuclear technology at MIT and leadership at Wharton Business School — as the acting president and CEO, Firlotte said the company is in “good hands.”

“I am confident Keith and Lori will ensure a seamless transition for our customers, employees and partners,” he said.

“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.”