Energy industry veteran Christopher Huskilson has been appointed interim chief executive of Canada’s Algonquin Power & Utilities Corp.

He succeeds Arun Banskota, who has stepped down as president and chief executive officer and as a member of the board of directors.

Algonquin is the owner of Bermudian-based Liberty Group Limited, which owns the Bermuda Electric Light Company.

"As AQN prepares to pursue a sale of its renewables business and move forward as a pure-play regulated utility company, the board of directors has determined that now is the right time to transition leadership," said Kenneth Moore, chairman of the Algonquin board of directors.

"Chris has a record of driving significant growth in the energy industry, and he knows AQN and our business well from his tenures on the AQN board.

“As we conduct a search for a permanent CEO, we are confident that Chris will ensure a smooth transition while we pursue a sale of the renewables business and position AQN's utility business for its next phase of stand-alone growth and value creation."

Mr Hulkinson said: "It is a privilege to serve as interim CEO at this critical juncture for the company after having chaired the strategic review committee of the board.

“As we begin the sale process for the renewables business, our focus remains on executing our value-creation strategies and operating efficiently across both our regulated and renewable asset base.

“I look forward to working with the board and management team during this transition period to build on all the work under way to re-establish AQN as a top-tier utility business and unlock value for shareholders."