President and CEO of NB Power steps down

NB Power building is seen on Monday, Dec. 26, 2016.

The president and CEO of NB Power, Keith Cronkhite, is stepping down from his position.

The chair of the provincial crown corporation’s board says the move comes amid a need for “significant transformation” due to the energy crisis and excessive debt.

Lori Clark, senior vice president of operations, has been appointed acting president and CEO.

“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,” said board chair Charles V. Firlotte, in a release.

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

Cronkhite was appointed as president and CEO in April 2020.

NB Power says Price Waterhouse Canada, a professional services firm, will lead a review which will find ways to optimize the organization’s cost structure and meet debt obligations, as well as identify alternative solutions to meet New Brunswickers’ power needs in a “cost-competitive, reliable and environmentally sustainable way.”

The board says it is starting to look for Cronkhite’s replacement, which is expected to take several months.

Clark has worked in many capacities within NB Power, including controller and vice president of regulatory affairs and strategic initiatives.

“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,” said Firlotte.