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AltaGas founder to step down as chairman

David Cornhill, the founder of AltaGas Ltd., is stepping down as chairman of the company on April 1 to pursue other interests and opportunities.

Cornhill will remain on the board to ensure orderly transition and continuity, AltaGas said in a March 21 news release. The company's board appointed independent director Pentti Karkkainen to succeed Cornhill as chairman, effective April 2.

Karkkainen was senior strategy advisor of KERN Partners, an energy-focused capital markets and private equity firm, from 2014 until his retirement in 2015.

Neil McCrank is also stepping down as lead director. McCrank will not stand for re-election at AltaGas' upcoming annual meeting as he has reached the retirement age.