TransAlta Corp. has replaced its cfo, Christophe Dehout, who had held the position for seven months and is leaving "to pursue new opportunities," according to an announcement.
Todd Stack, who has served as managing director and corporate controller of the company since February 2017, has been promoted to replace Dehout. A spokesperson based in Onoway, Alberta, did not respond to a request for comment.
Toronto and New York-listed TransAlta has found itself under fire of late from activist investor Mangrove Partners, which owns 7.1% of the company and last month brought a claim in the Ontario Superior Court of Justice regarding a deal with Brookfield Renewable Partners.
Brookfield will invest $750 million in a 1,150 MW, 17-project hydro portfolio owned by TransAlta by buying securities that are convertible into TransAlta shares under the terms of the deal, which was signed in March (PFR, 3/29).
The departing cfo, Dehout, joined TransAlta last November from Engie in Paris, where he was project director and deputy head of performance and group transformation (PFR, 11/13). While there, he oversaw the carve out and sale of the company’s upstream LNG business to Total, which closed last year.
His successor, Stack, has been with TransAlta for more than 25 years, and has been "an instrumental member of our finance and corporate reporting team,” said Dawn Farrell, president and ceo of TransAlta, in a statement. “As CFO, he will provide significant value to the Company based on his extensive experience in finance, valuation, economics and the power industry."
As m.d., corporate controller, and in a previous role as treasurer of the company, Stack has been responsible for leading TransAlta's financial activities, corporate accounting and reporting, tax, and corporate planning.
He joined TransAlta in 1990, initially holding a number of roles in the engineering team, including design, operations and project management, before moving into finance. He has also served as a member of the corporate development team reviewing greenfield and acquisition opportunities.