Dakota Plains Holdings Inc. (NYSE MKT: DAKP) will bring its crude oil and sand transloading operations in-house, effective June 1 and Aug. 1, respectively. This action will create further operational efficiencies and build capability at the Pioneer Terminal storage and transloading facility, located in Mountrail County, North Dakota.
In additional company news, Dakota Plains’ board has elected Adam Kroloff as its non-executive chairman of the board, as CEO Craig McKenzie has stepped down as chairman of the board.
The board has reduced its size to five directors, effective May 1, comprising four non-executive directors and the CEO. To enable this reconfiguring of the board, Gabe Claypool will step down from the board on May 1. Claypool will continue as president and COO of the company. Paul Cownie and Terry Rust will also step down from the board on May 1.
To support the Strategy Committee, the board has engaged SunTrust Robinson Humphrey Inc. to identify, examine, and consider the range of strategic alternatives available to the company, with a view to maximizing stockholder value.