TransCanada's CEO Steps Down
TransCanada announced Hal Kvisle's retirement as president and chief executive officer (CEO) effective June 30, 2010. Russ Girling, currently chief operating officer (COO), will succeed Mr. Kvisle as president and chief executive officer on July 1, 2010. Mr. Kvisle will assist Mr. Girling with the transition through August 31, 2010 and will be available as an adviser to Mr. Girling thereafter.
"On behalf of all Board members it's been a distinct pleasure to work with Hal over the years," said Barry Jackson, Chairman of the Board of Directors. "His focus, drive and wisdom have been instrumental in creating the success the company has enjoyed and, without exception, we hold him in the highest regard. We wish him all the best in retirement.
"Executive development and succession planning are important responsibilities of the Board of Directors," added Jackson. "Russ has demonstrated outstanding vision and leadership over his 16 years at TransCanada. He has had exposure to all aspects of our business and has consistently shown an unwavering commitment to the company’s long-term success. His strategic thinking ability, commercial acumen, bottom line focus and people leadership skills will serve the company well in the years ahead. We are confident in our choice of Russ as Hal’s successor and look forward to TransCanada’s future under his leadership."
Kvisle joined TransCanada in 1999 as executive vice president and assumed the CEO role in 2001. In 2008, he was named Canada's Outstanding CEO of the Year.
"The TransCanada team has achieved and exceeded the objectives we set for ourselves more than a decade ago," said Kvisle. "Our Canadian gas transmission business is expanding to move B.C. shale gas to market. We are working to extend our Canadian system to connect northern gas from Mackenzie and Alaska. We've built a substantial gas transmission business in the United States, with a large commercial presence in Houston. And Keystone, our largest project to date, will commence deliveries of Canadian oil sands production to United States refineries by mid-year.
"Over the past decade we've built Canada's largest private sector power business and North America's second largest natural gas storage business. We've turned TransCanada into a North American energy infrastructure leader and created significant shareholder value in the process. I've been fortunate to work with the capable, committed and innovative people of TransCanada – I thank them for their support and wish them great success in the years ahead."
TransCanada's incoming president and chief executive officer Russ Girling joined the company in 1994 and, prior to his appointment as chief operating officer in July 2009, held a number of leadership positions including: president, pipelines; chief financial officer and executive vice-president, corporate development; and executive vice-president, power. Mr. Girling is the current Chairman of the Interstate Natural Gas Association of America (INGAA).
"I have no doubt that as president and CEO Russ will achieve excellent outcomes with customers, deliver major projects on time and on budget and continue to focus on generating predictable and sustainable cash flow and earnings from our growing portfolio of low-risk energy infrastructure assets," said Kvisle. "Russ Girling is the right leader to deliver strong financial returns from our existing businesses and position the company for continued growth and success in the years ahead."
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