Enbridge Names New President and CEO
Enbridge Inc (NYSE: ENB) has announced Al Monaco’s retirement as the company’s president and chief executive officer, and from its board of directors, and named a new successor to the roles.
The company, which revealed that Monaco’s retirement is effective as of January 1, 2023, revealed that Greg Ebel had been appointed by Enbridge’s board to succeed Monaco as the company’s new president and CEO “after considering internal and external candidates”.
Ebel, who is currently board chair, will continue as a member of the board of directors and a new independent board chair will be named prior to January 1, 2023, Enbridge outlined. To support Ebel through the transition, Monaco will serve as an advisor until March 1, 2023, the company revealed.
Monaco was appointed as President, Chief Executive Officer and a Director of Enbridge in 2012. He has led Enbridge through a period of unprecedented growth combined with a continued focus on safety, reliability and environmental protection that has positioned it as North America’s leading energy infrastructure company, Enbridge’s website notes. Monaco was the recipient of the Fraser Institute Founders Award in 2019 and was recognized as “Canadian Energy Person of the Year” in 2017 and “Alberta Business Person of the Year” in 2016 by the Energy Council of Canada and Alberta Venture, respectively.
Ebel has been an Enbridge director and chair since 2017. He served as Chairman, President and CEO of Spectra Energy from 2009 until February 2017. He has also previously served as Spectra Energy’s Group Executive and Chief Financial Officer, the President of Union Gas Limited from 2005 until 2007, and Vice President, Investor & Shareholder Relations of Duke Energy Corporation from 2002 until 2005.
“On behalf of the board, I would like to thank Al for his invaluable and bold leadership over the last decade as CEO, and throughout his 27 years with Enbridge,” said Ebel.
“Al has led Enbridge through a period of unprecedented growth, repositioning the business as a leader across four blue chip platforms, strengthening its low-risk pipeline utility model and driving consistent financial performance, dividend increases, and organic growth,” he added.
“Under his leadership, Enbridge strategically expanded its liquids pipeline business into the U.S. gulf coast, executed the successful $37 billion merger with Spectra Energy, built out its crude oil and LNG export capabilities and accelerated its renewable energy and low-carbon growth,” Ebel continued.
Commenting on his new position within the company Ebel said, “Enbridge is truly North America’s premier energy infrastructure company and I’m excited to build on management’s track record of success”.
“Our extraordinary management team has steadily advanced our strategic priorities and generated tremendous shareholder value through disciplined investment and world class operations. I look forward to working with all our employees and the board as we continue to grow Enbridge as the energy infrastructure company of choice in North America and as we pursue achievement of the same in new markets,” he added.
“My sincere gratitude to the board for placing its confidence in my leadership as we continue to move the business forward with a consistent focus on the energy transition, capital allocation, safety, integrity, inclusion and high performance. With a deep appreciation for the very solid foundation that Enbridge has set over more than a century of reliably delivering energy, we are all excited about growing the company well into the future,” he continued.
Monaco noted that Ebel is well positioned to lead Enbridge in the next phase of growth.
“His leadership at Spectra built it into one of the premier North American gas infrastructure businesses, and over the last five years, his board oversight has been highly supportive of Enbridge’s strategy and execution,” he added.
“Combined with his deep knowledge of the industry, Greg is an excellent choice to lead Enbridge. I wish Greg all the best in his new role and look forward to the continued success of Enbridge,” Monaco went on to state.
Commenting on his time at Enbridge, Monaco said, “I’ve been honored to lead Enbridge and our tremendously talented and dedicated people over the last decade”.
“I'm very proud of what we've accomplished together in building the leading diversified energy delivery company in North America. We’ve consistently delivered on our strategic priorities, significantly grown cash flows and the dividend, and we’ve bolstered our financial position, simplified our corporate structure, and lowered costs,” he added.
“Together, we’ve ensured that Enbridge is well positioned for the energy transition, strongly advocated for our industry, and delivered on our purpose to fuel people’s quality of life. I'm confident that the company and its leadership are in a great position to continue to be disciplined allocators of capital and grow to generate value for our shareholders,” Monaco continued.
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