Capital Power Announces Brian Vaasjo to Remain President and Chief Executive Officer

EDMONTON, Alberta, Feb. 24, 2020 (GLOBE NEWSWIRE) -- The Board of Directors of Capital Power is pleased to announce that Brian Vaasjo will remain as President and Chief Executive Officer of the Company.

The Board had been conducting a comprehensive search that attracted many high-quality candidates. However, in January, Mr. Vaasjo communicated to the Board his desire to extend his term as President and CEO. After consideration of Brian's offer, given the value created under his leadership and his vision for the future, the Board was unanimous in its decision to retain Mr. Vaasjo.

"The Board is delighted that Brian wishes to remain in the role of President and CEO and the continuity this brings to the business" said Don Lowry, Chair of the Board. "We firmly believe this is in the best interests of all stakeholders and as such, we have entered into a new three-year contract with Mr. Vaasjo."

"Since July 2019 when I announced my intention to retire, my excitement about the future of Capital Power has only increased," said Brian Vaasjo. "I remain incredibly motivated by the future of the business, and the opportunity to remain working with the people that make Capital Power the standout company it is. My confidence in my ability to continue to successfully lead Capital Power with the same level of energy, focus and commitment that I have previously demonstrated is as strong as ever. We have evolved a proven strategy of delivering shareholder value that is growing, consistent and resilient despite the rapid pace of change in our industry. I would like to thank the Board for their continued confidence in me and for the opportunity to lead the Company's exciting journey forward as President and CEO."

About Capital Power
Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, owns, and operates power generation facilities using a variety of energy sources. Capital Power owns approximately 6,200 megawatts (MW) of power generation capacity at 26 facilities across North America. Approximately 800 MW of owned generation capacity is in advanced development in Alberta and Illinois.

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