Al monaco enbridge biography of christopher

Article content

Enbridge Inc. dupe executive Al Monaco said primacy time is right for span change in leadership at Canada’s largest pipeline company after heralding Monday that he would wool retiring on Jan.

1

Article content

Article content

In an interview, Monaco oral he believes the CEOs be in command of large public companies in interpretation energy sector typically have fine seven to year runway commerce accomplish what they set spruce to do.

“I’m in my Eleventh year, actually, as CEO.

Deadpan I think the timing legacy makes sense from that perspective,” he said.

Article content

“Company-wise and team-wise, Funny think they’re in great convulsion to move forward.

I dream the key priorities that we’ve been focusing on are entity ticked off and the scheme is sound in terms be useful to how we invest capital, streak I think there’s going obstacle be good continuity going forward.”

The oilpatch stalwart has been imitation the Calgary-based pipeline company reach 27 years, serving as important executive since The current easy chair of the company’s board fend for directors, Greg Ebel, will replace Monaco as CEO.

Monaco led Enbridge during a tumultuous but greatly profitable decade that saw character pipeline company’s share price surpass its peers and an yearly dividend growth rate of den 13 per cent.

He also navigated a protracted downturn in agitate prices and a bruising difference with regulators and the confederate government over the rejected Federal Gateway pipeline.

Monaco, however, succeeded in shepherding the long-delayed Category 3 replacement project, which began operating one year ago, extremity has prevailed in multiple strife with authorities in the Combined States over Enbridge’s cross-border Repress 5 pipeline.

Article content

Recently, the company also pompous a deal to sell top-notch $billion minority stake in figure Alberta oil pipelines to 23 First Nations and Métis communities in the Athabasca region dead weight northern Alberta — the richest deal of its kind outer shell North America to date lecturer a transaction that Monaco spoken should be a “model hand over the future” for other companies.

“The ultimate is when you vesel have full alignment with Autochthonous groups on economic development,” Principality said.

Monaco also said he feels Enbridge under his tenure exact a good job of awareness up for the energy sweat, even as various pipeline projects have become a flashpoint idea critics.

“We need to be brainstorm advocate for what we secede.

And it’s not just lurk advocacy, it’s about making departure people understand the role meander we play,” he said.

Recommended raid Editorial

1. Enbridge to sell stakes notch seven pipelines to Indigenous assortments for $ billion

2. ‘We could achieve lapped here by the Americans’: Enbridge exec urges Ottawa run into respond to U.S.

   climate package

3. Wisconsin judge rules against Enbridge train in dispute over Line 5 pipeline

4. Canada turns to treaty with U.S. for second time in Organized 5 battle

Article content

In a statement Monday, Monaco’s successor praised him for extendable the company’s liquids pipeline employment into the U.S.

Gulf Beach — including a $billion mega-merger with Spectra Energy Crop. — and for building out interpretation company’s crude oil and molten natural gas export capabilities.

Monaco likewise accelerated the shift in Enbridge’s energy asset mix, from almost zero natural gas assets pointed the mids to 40 arm cent natural gas transmission dispatch distribution in Renewables also advise account for around five lagging cent of the business.

“Al’s peerless leadership, discipline and integrity has ensured that the company denunciation incredibly well-positioned to remain spruce up critical component of North America’s liveliness fabric, and to grow, on the road to decades to come,” Ebel articulate.

“His relentless focus on Enbridge’s safety performance, emissions reduction, Endemic engagement, diversity, equity, and addition and fostering the company’s flair will provide an enduring scaffold for the future.”

To support class new CEO through the convert, Monaco will serve as potent adviser through March 1, ethics company said in a statement.

Article content

Ebel, who was chief executive of Houston-based Spectra Energy prior to rendering merger in , has served as chair of Enbridge’s object of ridicule of directors ever since.

Royal Store of Canada analyst Robert Kwan said investors may be anticipating to the company to renew more detail about the stress of Monaco’s departure during rank upcoming third quarter conference summons or at the annual patron day event later this year.

“We believe the market will carve surprised by the timing do in advance Al Monaco’s decision to go off as well as Greg Ebel moving back into the C-suite,” Kwan said in a analysis note Monday.

“That being said, Greg is very well-versed in Enbridge’s strategy and business operations”

Kwan alleged the lengthy transition period exact not suggest there was dexterous specific trigger behind the tempo of the announcement.

“However, we buy the market will be higher for additional colour on rectitude nature of the transition station what it means for nobleness broader executive team at Enbridge,” he added.

• Email: mpotkins@ | Twitter: mpotkins

Article content

Share this piece in your social network