AltaGas shares fall after CEO David Harris resigned abruptly because of a complaint

CALGARY – The shares of AltaGas Ltd. fell on Wednesday after the announcement of the sudden resignation of President and CEO, David Harris, as a result of an unspecified complaint

"The Board of Directors d & rsquo; AltaGas and Mr. Harris have a complaint under review by the board of directors, "the company said in a press release.

"This complaint is not related to the strategy, operations or financial reports of AltaGas."

More information. It did not specify who had lodged a complaint

AltaGas shares fell by 71 cents or 2.6% to $ 26.37 at the start of trading on the Toronto Stock Exchange.

"We view this unexpected departure from David Harris negatively as the company goes through a period of transformation with the integration of WGL and (it) brings uncertainty to the shareholders of AltaGas on the long-term leadership, "writes Ian Gillies, an badyst at GMP FirstEnergy, in a note to investors.

The company's $ 6 billion deal to acquire WGL Holdings, Inc., a Washington-based utility company, was announced in January 2017, but has not been announced. concluded only at the beginning of the month after receipt of the last necessary regulatory approvals. AltaGas says acquisition value is about $ 9 billion

Last month, AltaGas announced an agreement to sell 35% of its stake in British Columbia. Hydroelectric operations totaled $ 922 million, realizing nearly half of its $ 2 billion badet sales needed to fund the WGL acquisition.

The deal was led by Harris, who has been working at AltaGas since 2010. He was 55 at the end of 2017.

In Wednesday's press release, Harris reportedly stated that his time in the company was a "privilege".

"I leave AltaGas I am proud of the achievements of the team, and I look forward to seeing their continued success," he said.

AltaGas Chairman David Cornhill, who is also Chairman of the Board of Directors, will temporarily share the role of Chief Executive Officer. and Phillip Knoll, an industry veteran and administrator of AltaGas.

Cornhill founded AltaGas in 1994 and was the CEO until April 2016. He will remain Chairman of the Board.

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