OAKVILLE, ON / ACCESSWIRE / January 5, 2021 / Spark Power Group Inc. (TSX:SPG), parent company of Spark Power Corp. ("Spark Power" or the "Company"), announced today that Richard Jackson has been appointed as the Company's new President & CEO, effective immediately. Current co-CEO's Jason Sparaga and Andrew Clark will step back from their roles in the day-to-day operations of the Company, however both will continue as board members and major shareholders. Jason Sparaga will take on a new role, becoming the Company's Executive Board Chair, in which he will continue working closely with co-founder & Chief Investment Officer, Eric Waxman, focused on the Company's M&A activities, corporate finance work and supporting the Special Committee of the Board on the Company's previously announced Strategic Review. Andrew Clark will become the Company's Vice Board Chair, with a particular focus on Corporate Sustainability. Larry Taylor continues in his role leading the Board of Directors, as the Company's Chair and Lead Independent Director.
"It is the right time for Andrew and me to hand the reins of the business to Rich Jackson," says Jason Sparaga, co-founder and co-CEO of Spark Power. "We have had a lot of success in building Spark Power from a development company into one of the leading electrical service companies in North America through entrepreneurial spirit and drive. In Spark's next phase of growth, we need a more operational leader to derive even more value from the Spark platform. Rich has proven that he is that leader over the past three years. I look forward to supporting Rich in his new role, and to focusing my efforts in the places I can add the most value."
"Building Spark with Jason and the rest of the management team has been an incredibly rewarding experience. Jason and I always knew that the day would come for us to move out of our operational roles, and we think that with Spark's scale and the importance of continuing to operationalize the platform, that this is the right time" says Andrew Clark, co-founder and co-CEO of Spark Power. He adds, "I have total confidence in Rich Jackson, and look forward to contributing to the Company's future success as Vice Chair."
"I am honored to accept the role as Spark Power's new CEO," says Rich Jackson, President & CEO, Spark Power Corp. "We have a great foundation in Spark, and I look forward to working with the talented people of Spark to continue to operationalize and grow this business. In the past three years, we made great strides in integrating the businesses that we acquired. This past year, we launched Spark Power's Field Focused Operating Model, that helps guide our capital allocation, organic growth plans and focus on operational excellence. I look forward to continuing to build on this platform to support our future growth and scalability."
"Leadership transitions are necessary for the long-term growth of any company. I know I speak for the entire board in congratulating Jason and Andrew for developing outstanding talent within Spark Power and recognizing the right time to effect the transition, " says Larry Taylor, Chair and Lead Independent Director of Spark Power. He adds, "I look forward to continuing to work with both Jason and Andrew, working with Rich as the new CEO, and in particular to leading the Strategic Review process in order to maximize the value inherent in Spark Power."
About Spark Power
Spark Power is the leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. The forward-looking statements in this press release include statements regarding the Company's opportunities for future growth, operationalization of the platform, Strategic Review and other statements that are not historical fact, and without limitation, includes statements by Messrs. Sparaga, Clark, Jackson and Taylor relating to future revenues and growth, the Strategic Review and the business and team. The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Such factors include, among others: the ability of the Company to find a suitable strategic partner, potential buyer or participants for a financing; currency fluctuations; disruptions or changes in the credit or security markets; results of operations; and general developments, market and industry conditions. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise
Financial and Regulatory Inquiries:
Dan Ardila, Chief Financial Officer
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Kim Samlall, Director, Marketing Communications
+1 (905) 829-3336 x185
SOURCE: Spark Power Group Inc.