VANCOUVER, BC, Oct. 14, 2020 /CNW/ - Pinnacle Renewable Energy ("Pinnacle" or the "Company") (TSX: PL) announced today the appointment of Duncan Davies as Chief Executive Officer effective November 1, 2020, replacing the current CEO, Rob McCurdy, whose retirement plans were announced earlier this year. Mr. Davies will continue to serve on the Company's Board of Directors, which he joined in April 2020.
From 2000 to 2019, Mr. Davies served as the President and Chief Executive Officer of Interfor Corporation, a growth-oriented, publicly traded forest products company with operations in Canada and the United States. In that role, he led the transformation of Interfor from a small regional producer, located primarily on the B.C. Coast, into one of the largest lumber companies in the world.
"Duncan is an accomplished leader with extensive industry knowledge and the experience necessary to drive Pinnacle's growth and profitability in the years ahead," commented Greg Baylin, Chair of the Company's Board of Directors. "He has worked actively with Rob McCurdy and our Management Team since joining the Board this spring and has already made a significant contribution to our Company. On behalf of Pinnacle's Board, I would like to welcome Duncan to his new role. I would also like to thank Rob McCurdy for his significant impact on the growth and development of the business during his Pinnacle career."
"I'd like to thank Greg Baylin and the Pinnacle Board for this opportunity", said Davies. "I have known the Company for many years and have long admired their sense of ambition and entrepreneurship. I am excited by the opportunity to lead a company of Pinnacle's stature in the next stage of its development and look forward to helping build significant and sustainable value for its shareholders, customers, employees and the communities in which it operates."
Davies will be based at the Company's headquarters in Richmond, British Columbia.
Pinnacle is a growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets. This fuel is used by large-scale thermal power generators as a greener alternative to produce reliable baseload renewable power. Pinnacle is a trusted supplier to its customers, who require reliable, high-quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates eight industrial wood pellet production facilities in western Canada and one in Alabama, with two additional facilities under construction in Alberta and Alabama. The Company also owns a port terminal in Prince Rupert, B.C. Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent an average of 99% of its production capacity through 2026.
SOURCE Pinnacle Renewable Energy Inc.