The chair of Westario’s Board of Directors Mark Kraemer says Westario will not be merging with any group at this time.
Retiring CEO Guy Cluff is down to his last day today on a tenure extended July 31st to this date in the hopes that a merger would have taken place.
Kraemer says the idea was to have Cluff’s expertise to draw on had the original plan gone through.
He says if a merger had taken place they believed their new CEO would have come from that partner.
Because there’s been no success with any potential mergers, the board is now making moves to advertise for a new CEO for Westario Power.
Kraemer points out that the possibility of teaming up with another partner for a merger is not dead in the water.
But at this point because of time constraints the board had to move to go after a CEO.
Kraemer says there could still be two potential partners interested in Westario Power but there would have been no deal by the October 17th deadline.
Kraemer says there is no doubt the major growth of Westario will come through mergers and acquisitions.
He says any possible merger in the future would utimately benefit the consumer with cost benefits.
Kraemer says the current minister of energy in Ontario is focused on reducing the number of Local Distribution Companies (LDC) in the province.
He says this can happen through a sale of a company or a merger with other partners.
