Provident announced the appointment of Mr. Douglas Haughey to the position of President and Chief Executive Officer and Director. Mr. Haughey will succeed Mr. Tom Buchanan who will be stepping down from his position as President and Chief Executive Officer and Director effective April 28, 2010. Mr. Buchanan co-founded and has led Provident Energy Trust, and its predecessor Founder's Energy, since 1993.
Mr. Haughey is a seasoned executive with over 30 years of diverse energy experience. He held various executive roles with large North American energy infrastructure and commercial services businesses. Most recently he was responsible for Spectra Energy's Canadian midstream business and was President and Chief Executive Officer of Spectra Energy Income Fund.
"Mr. Haughey brings extensive energy industry experience,c" said John Zaozirny, Chairman of Provident's Board of Directors. "He has a proven track record of profitable growth and we believe he is the right individual to lead the Provident team forward as a premier Midstream facilities and commercial services trust."
"On behalf of Provident's unitholders, the Board wishes to sincerely thank Mr. Buchanan for his exemplary contributions and visionary leadership of this organization since its founding almost two decades ago," said Mr. Zaozirny. "We wish Tom continued success in his career and all the best with his next opportunity."
"It has been an honour to have had the privilege to lead Provident over the past 17 years," said Tom Buchanan. "We have successfully transitioned Provident with a clear path forward and I am confident that our businesses are well positioned to add value with strong leadership going forward. I would like to thank the unitholders, the Board, my senior management team and all Provident employees for their outstanding commitment, focus and support over the past many years."
Provident also announces that Cameron Vouri, President of the Upstream Business Unit will step down effective April 30, 2010 and that Daniel O'Byrne, Executive Vice President and Chief Operating Officer will assume full responsibility for the Upstream Business Unit until the closing of the Arrangement with Midnight, and will retire at that time.
"I would like to thank both Dan and Cam for their outstanding leadership and contribution to the success of Provident over the past several years," said Tom Buchanan. "Dan and Cam were instrumental in helping facilitate the strategic growth of Provident's diversified asset base."
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