The Board of Directors of Enbridge Inc. (TSX: ENB.TO) (NYSE: ENB.TO) today announced that Patrick D. Daniel, President & Chief Executive Officer, will retire on or before the end of 2012.
The Board also announced the appointment of Al Monaco, currently President, Gas Pipelines, Green Energy and International, to Enbridge's Board of Directors and to the position of President effective immediately. Mr. Daniel will continue as CEO and a member of the board until his retirement.
"I would like to take this opportunity to recognize Pat's tremendous contribution to Enbridge over his tenure with the Company," said David Arledge, Chair of the Board of Directors. "Under his leadership, Enbridge's share price has grown by 250% and the average annual total shareholder return has been 15.8%. The market capitalization of the Company has grown from $6.8 billion in January 2001 to $30.1 billion today. In 2011, Enbridge was the single largest point contributor on the Toronto Stock Exchange, delivering a total return to shareholders of nearly 40% - a notable accomplishment for a company in the energy infrastructure business. Enbridge's success is testament to Pat's keen sense of the needs of Enbridge's many stakeholders, his ability to successfully navigate through challenges, and his consistent, thorough and disciplined leadership style.
"Pat will leave Enbridge with the strongest five-year plan and forward outlook that we have ever had. His commitment to ensuring Enbridge's long-term success can be seen in the more than $13 billion of secured growth projects to come in service between 2011 and 2015 and another $35 billion of new opportunities over the 2011 to 2020 timeframe. He has established positive relationships with Enbridge's customers, notably, the mutually beneficial 10-year Competitive Toll Settlement (CTS) signed with liquids shippers in 2011," said Mr. Arledge.
"His commitment to Enbridge's sustainability as North America's leading energy delivery company is also evidenced by the Company's rapid growth in alternative and renewable energy - from the Company's initial investment in wind generation in 2002 to interests in close to 1,000 megawatts of generating capacity today - positioning Enbridge to continue to safely and reliably deliver the energy we need well into the future. And it has been continuously underscored by his understanding of Enbridge's social responsibilities."
Noted Mr. Arledge, "As a Board, we place very high priority on succession planning and on developing people to ensure the Company's continuing success. Enbridge has an outstanding management team; choosing one individual to lead was not an easy decision. Over his 30 years of experience in the energy industry, Al Monaco has demonstrated exceptional leadership capabilities across the range of Enbridge's businesses. A results-driven leader, he has delivered many significant achievements for the Company, notably leading the execution of a multi-billion dollar slate of growth projects on time and on budget, implementing an incentive-based rate structure at Enbridge Gas Distribution, and spearheading the Company's entry to the Canadian midstream natural gas business. We look forward to Al joining the Board and to working with both Al and Pat over the next few months as they transition leadership responsibilities."
Mr. Daniel joined Enbridge in 1982. He became executive vice president in 1988 and assumed the CEO role in 2001. In 2011, he was named Canada's Outstanding CEO of the Year.
"It has been a privilege to have led Enbridge over the past 11 years, guided by the wisdom and perspective of the members of our Board, complemented by an incredibly capable management team and supported by employees who truly are the best in the business," said Mr. Daniel. "I am tremendously proud of this Company and what we have achieved. With the strongest ever long range plan and future growth opportunities at Enbridge, this is an appropriate time to transition the role of CEO and the right time for me personally to seek new roles in retirement."
Al Monaco joined Enbridge in 1995 and has held increasingly senior management roles at the corporate level, as well as leadership of the gas transportation, gas distribution and green energy businesses, and a pivotal role in establishing Enbridge's Major Projects division which has been responsible for designing and constructing all of the Company's major energy infrastructure projects.
"Al has brought a combination of proven energy industry experience, exceptional strategic insight and a relentless drive to achieve results to all of the roles he has held at Enbridge," said Mr. Daniel. "He is a respected member of our executive leadership team and we have every confidence in his ability to lead Enbridge in capturing new opportunities and tackling challenges as the Company continues to grow. The team will remain focused on the sustainability of profitable growth, adding value for our customers and continued focus on operations, safety, environment and our people."
Enbridge announces CEO succession plans