Atlantic Power Slashes Dividend, Replaces CEO

Power producer Atlantic Power Corp slashed its dividend by 70 percent and asked its chief executive to step down as part of a strategic review process.

The company said it appointed Ken Hartwick, director of the board, as a replacement for Barry Welch.

Atlantic Power cut its annual dividend to 12 Canadian cents per share from 40 Canadian cents.

The Boston, Massachusetts-based company, which has been reviewing its businesses, also said it would not sell itself at this time.

Reporting By Shubhankar Chakravorty