CALGARY, Alberta - TransAlta (NYSE:TAC) Corporation (TSX: TA) (NYSE: TAC), a leading Canadian power generation company, announced the upcoming retirement of its Chief Financial Officer, Todd Stack, who will be stepping down on June 30, 2024, after a notable 34-year career with the company. Concurrently, the company has appointed Joel E. Hunter as the new Executive Vice-President, Finance and Chief Financial Officer, effective July 1, 2024.
John Kousinioris, President and CEO of TransAlta, expressed gratitude for Stack's significant contributions to the company's financial health and strategic direction. "Todd has been a strong member of our leadership team and will be missed for his commitment to the Company and its employees," Kousinioris stated.
Joel E. Hunter, the incoming CFO, brings over 26 years of experience in the energy sector, including roles in finance, capital markets, and strategic planning. Hunter, who is currently serving as Executive Vice-President and CFO at TC Energy (NYSE:TRP), is recognized for his financial acumen and collaborative leadership style.
Hunter holds the Chartered Financial Analyst (CFA) designation and has earned a Bachelor of Commerce (Accounting) from the University of Calgary, as well as a Bachelor of Arts (Economics) from the University of Regina.
TransAlta, with a history spanning more than 112 years, operates a diverse fleet of electrical power generation assets in Canada, the United States, and Australia. The company is committed to providing clean, affordable, and reliable power, and is actively aligned with the UN Sustainable Development Goals and the Future-Fit Business Benchmark. TransAlta has also made significant strides in reducing greenhouse gas emissions, achieving a 66 percent reduction since 2015.
This news is based on a press release statement from TransAlta Corporation.
InvestingPro Insights
As TransAlta Corporation (NYSE: TAC) prepares for a change in its financial leadership, the company's stock performance and investment potential remain a focus for shareholders and potential investors. According to real-time data from InvestingPro, TransAlta's market capitalization stands at 1,880 million USD, with a notably low price-to-earnings (P/E) ratio of 3.6. This low P/E ratio, adjusted to 4.09 for the last twelve months as of Q4 2023, may suggest an undervaluation of the company's earnings potential.
InvestingPro Tips highlight that management has been aggressively buying back shares and that the valuation implies a strong free cash flow yield. These actions often reflect a management team's confidence in the company's future and its commitment to delivering shareholder value. Furthermore, TransAlta has maintained dividend payments for 37 consecutive years, with a dividend yield of 2.83% as of the latest data, indicating a steady return for income-focused investors.
While the company is trading near its 52-week low and has seen a price decline of 19.54% over the last three months, these metrics may present a potential opportunity for value investors considering the company's long history of dividend payments and current valuation. With additional InvestingPro Tips available, investors can gain a deeper understanding of TransAlta's financial health and future prospects. By using the coupon code PRONEWS24, investors can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.
TransAlta's commitment to sustainability and its strategic efforts to enhance shareholder value are critical considerations for investors, alongside the financial metrics and InvestingPro Tips that shed light on the company's performance and market position.
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