Pembina Pipeline Co CEO Steps Down
Pembina Pipeline Corporation (NYSE: PBA) has announced that Mick Dilger has stepped down as the company’s president and chief executive officer (CEO) to pursue other opportunities.
Scott Burrows, Pembina’s current chief financial officer, has been named interim president and CEO by the company’s board of directors. Pembina said the board will be working with a “leading search firm” to identify and evaluate internal and external candidates for a new CEO to lead Pembina in its next chapter. Following Burrows’ appointment, Cameron Goldade, currently Pembina’s vice president of capital markets, has been appointed interim chief financial officer.
Dilger joined Pembina as Vice President, Business Development in 2005, a role he held until 2008. In November 2008, he was appointed chief operating officer and in 2012 he added the role of president to his portfolio. In January 2014, Dilger was appointed Pembina’s CEO, succeeding Bob Michaleski, who retired at the end of 2013 after 35 years of service with the company.
Burrows joined Pembina in November 2010 and, prior to his appointment as interim president and CEO, he served as Pembina’s CFO for approximately seven years, overseeing the company's financial operations, investor relations, treasury, tax, risk management, corporate planning, corporate development and capital market financings. Before joining Pembina, Burrows spent seven years in energy-focused investment banking.
“During Mick’s tenure as CEO, Pembina accelerated its 65-year history of innovation and growth, becoming a truly differentiated, integrated leader in the midstream space with a strong core business,” Randall Findlay, the chair of the Pembina board, said in a company statement.
“The company also built a solid foundation for long-term ESG excellence and leadership in a lower carbon economy … We look forward to continuing to increase the core business we have built and support the company’s long-term growth, while also being a leading participant in the energy industry's evolution to a more sustainable future,” Findlay added in the statement.
“On behalf of the board, I want to thank Mick for his service and dedication to Pembina and all of its stakeholders and for his many contributions to Pembina’s strong position today,” he continued.
The Pembina chairman noted that the company is fortunate to have Burrows stepping in to serve as its interim president and CEO.
“With 11 years of experience at Pembina and nearly 18 years in the energy industry, Scott has been a key architect of the company’s growth and financial discipline, overseeing over $20 billion in successful strategic acquisitions and growth investments that have reshaped our company over the last decade,” Findlay said.
“This strong track record will be essential to continuing our momentum during this transition and for the long term,” he added.
Dilger said he was “immensely proud” of the Pembina team, “the culture we have created, and what we have accomplished together”.
“When I joined Pembina, it was a $2.5 billion dollar entity in a single business and has grown into a roughly $35 billion entity, operating safely, and successfully in multiple jurisdictions and in many businesses, with more underway,” he added.
“I am also proud of how the company has managed successfully through many challenges including the financial crisis and more recently the Covid-19 pandemic … Pembina has a world-class team and is well positioned for the future. I will miss the many stakeholders whom I had the opportunity to serve,” Dilger continued.
Burrows said, “Pembina's people, assets and operations are second to none in the industry”.
“Momentum within our business and trends across the broader industry give us great optimism about the outlook for our company and our stakeholders, as we complete 2021 and look ahead to 2022. We are committed to ensuring Pembina's long-term future and that of our stakeholders,” he added.
Pembina describes itself as a leading transportation and midstream service provider that has been serving North America’s energy industry for more than 65 years.
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