NB Power Announces Leadership Changes and Corporate Transformation

2022-07-04

FREDERICTON, N.B. – The New Brunswick Power Corporation Board of Directors today announced that President and CEO Keith Cronkhite is stepping down from his role and Lori Clark, Senior Vice President Operations, has been appointed Acting President and CEO.

“Keith is a high-calibre executive with a long track record of leadership within NB Power and we are grateful for his service, including his steady hand during the pandemic and his recent stewardship to modernize the Electricity Act,” says Chair of the Board of Directors, Charles V. Firlotte. “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. As such, the Board has concluded we must embark on a significant transformation of the organization.”

The Board has retained Price Waterhouse Canada to lead a strategic review which will include identifying immediate ways to optimize the current cost structure and meet debt obligations, as well as identifying alternative solutions to meet New Brunswickers’ power needs in a cost competitive, reliable and environmentally sustainable way.

The Board is initiating an executive search for a President and CEO. This process is expected to take several months. As Acting President and CEO, Ms. Clark brings extensive experience leading key functions within NB Power including Controller, Vice President of Regulatory Affairs and Strategic Initiatives, and most recently Senior Vice President Operations. She is also a Chartered Professional Accountant who has studied nuclear technology at MIT and leadership at Wharton Business School.

“We are in good hands as we embark on this change, and I am confident Keith and Lori will ensure a seamless transition for our customers, employees and partners. As we enter this transformation phase there will be challenges and opportunities, particularly in light of the global landscape which is adding pressure for all New Brunswickers. 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,” says Mr. Firlotte.

MEDIA CONTACT: Marc Belliveau, NB Power Communications, mbelliveau@nbpower.com,  506 458-4203

About NB Power

For over 100 years, NB Power has been a part of the cultural and economic fabric of New Brunswick. The provincial electric utility has one of the most diverse generation fleets in North America, with approximately 80 per cent non-emitting generation. Over 2,600 energy experts provide reliable, safe and sustainable energy for over 400,000 direct and indirect customers every day. Using a customer-centric approach, NB Power is committed to developing sustainable energy for future generations of New Brunswickers. Part of this commitment includes investments in energy efficiency programs, energy solutions, renewable energy sources and smart grid technology.