NaiKun Wind Energy Group Inc. (TSX-V:NKW) is losing its president and another senior executive as the impact of BC Hydro’s clean power call results continue to reshape the industry landscape.
NaiKun president and CEO Paul Taylor is resigning effective June 16. The company will incur a one-time charge of approximately $655,000 from the buy-out of his employment agreement.
Michael O’Connor, who joined NaiKun as a senior vice-president in May 2008, will take over as president and CEO, and will continue as president of NaiKun Wind Generating Inc.
Prior to joining NaiKun, O’Connor was project director of the Canada Line rapid transit project with SNC-Lavalin. He was also president and CEO of BC Transit and CEO of Clearwater Technologies, a developer and manufacturer of water and wastewater plant and distribution systems.
Steve Eckert also resigned as senior vice-president of NaiKun Wind effective June 1, but remains a senior adviser to the company.
NaiKun suffered a significant setback in March when its 396-megawatt offshore wind project failed to win an electricity purchase agreement from BC Hydro’s clean power call. The company is currently undergoing a strategic review to maximize shareholder value and is in the process of reducing its annual operating costs to less than $2 million a year from $4.5 million.
Run of River Power Inc. (TSX-V:ROR) also appointed William Hardwick as interim president and CEO Wednesday following the resignation of company president Jako Krushnisky.
Krushnisky remains with Run of River Power as chair after the company signed a 40-year electricity purchase agreement with BC Hydro for its 25-megawatt Mamquam power project, which is expected to provide electricity for 9,500 homes in B.C.