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Aug 10 (Reuters) - Canada's Algonquin Power & Utilities said on Thursday it was considering a sale of its Renewable Energy business and that its CEO Arun Banskota had decided to step down, to be replaced by company insider Christopher Huskilson.
The decision comes months after the company initiated a strategic review of the renewable energy division, following a push for changes by Corvex Management and other activist firms.
Algonquin had in January said it planned to raise $1 billion through asset sales and would slash its dividend by 40% to bolster the group's finances.
The renewable energy group includes all of the company's non-regulated operating and development power generation assets.
Activist hedge fund Starboard Value last month also urged the utility firm to sell a majority of its renewable assets to reduce debt and improve earnings.
Huskilson will take over as interim CEO with immediate effect, and the company's board has commenced search for a permanent chief executive, it said. (Reporting by Tanay Dhumal in Bengaluru; Editing by Milla Nissi)
