The man who has led Parkland Income Fund for the past five years is leaving.
Red Deer-based Parkland (TSX: PKI.UN) announced on Friday that Mike Chorlton is stepping down as its president and CEO, effective May 1, 2011. Bob Espey, the fund’s chief operating officer, will replace him.
“This was the planned CEO succession strategy developed by the board dating back to 2008, when Mr. Espey was recruited as a potential successor for Mr. Chorlton,” said Jim Pantelidis, chairman of Parkland’s board of directors, in a news release.
“Under Mr. Chorlton’s leadership, Parkland has grown from a regional retail fuel marketer to the largest national independent fuel marketer in Canada with retail, commercial, wholesale, home heating oil, convenience store and other related operations.
“During Mr. Chorlton’s tenure, Parkland’s enterprise value has grown from approximately $250 million in 2005 to approximately $950 million currently.”
Espey was originally hired as vice-president retail markets. Prior to that, he spent three years with FisherCast Global, where he was the executive in charge of worldwide sales and marketing, and later CEO.
He also served as vice-president of Algonquin Automotive, a supplier to automotive manufacturers; worked in London, England, primarily with Computer Sciences Corporation; was a partner with What If Impact, a London-based consulting firm; and spent four years in the Canadian navy as a commissioned officer.
Chorlton became Parkland’s president and CEO in September 2005. He replaced John Schroeder, who acted as interim president and CEO following the departure of Andrew Wiswell in May 2005.
Before joining Parkland, Chorlton held senior management positions in Canada and the United States, including president and CEO of Saskferco Products Inc., vice-president of Renessen LLC, and managing director of Exxon Chemical Fertilizer Company.
He’s currently serving on Parkland’s boards and that of the Canadian Petroleum Products Institute.
Parkland operates through a network of 620 retail locations, 77 commercial branches and 71 cardlock locations, with its brands including Fas Gas Plus, Fas Gas and Race Trac.
It also has distribution agreements with 293 Esso locations, and supplies propane, bulk fuel, heating oil, lubricants and other products and services under the Neufeld, United Petroleum, Columbia Fuels, Bluewave Energy and Great Northern Oil brands.