Parkland CEO to Step Down Under Pressure From Largest Holder (1)

Parkland Corp. said Chief Executive Officer Bob Espey will step down as the fuel distributor comes under mounting pressure from its largest shareholder to undergo sweeping changes to its business and governance.

Espey, who has led the Calgary-based company since 2011, will leave once a new CEO is appointed or the board’s strategic review is done, or in December if neither of those things is completed by then. In the meantime, Michael Jennings has been made executive chair.

The leadership shuffle comes as the company works to fend off a proxy fight led by Simpson Oil Ltd., which owns ...