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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 of AltaGas and Mr. Harris" The company said in a press release
"This complaint is not related to strategy, operations or to AltaGas' financial reports. "
The Calgary company refused to provide further information, it did not specify who had lodged a complaint
AltaGas shares. fell by 71 cents or 2.6% to $ 26.37 on the Toronto Stock Exchange, but returned to $ 26.60 in the mid-afternoon.
David Harris' departure is negative while the company is going through a period of transformation with the integration of WGL and provides uncertainty to AltaGas shareholders over long-term leadership, "wrote Ian Gillies, an badyst at GMP FirstEnergy, in a note to investors The company's $ 6 billion contract for the purchase of WGL Holdings, Inc., a corporation 19659002] Taking into account the badumed debt, AltaGas indicates that the value of the acquisition is about 9 billion dollars
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 president David Cornhill will remain chairman of the AltaGas board of directors and Phillip Knoll, industry veteran and AltaGas director.
Cornhill founded AltaGas in 1994 and was the CEO until April 2016.
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