TransCanada Names New Executive Team
TransCanada PipeLines, led by interim CEO Doug Baldwin, unveiled
a new organizational structure Friday, aimed at "building greater
value for shareholders from its pipeline, power generation,
midstream and marketing infrastructure across Canada and the
northern tier of the United States."
The announcement came one week after Chairman George Watson
tendered his resignation, effective July 31, to the board of
directors "for personal reasons." Baldwin, a board member who
retired at the end of last year from his post as senior vice
president of exploration and production for Imperial Oil Ltd., said
he would be leading the TransCanada team until a permanent
replacement was found.
Watson had been directing planning for the reorganization since
the beginning of the year. It follows on the major merger a year
ago between TransCanada and Nova Corp. The company's common stock,
which peaked near $16 at the time of the merger, has languished
since then, dropping in the last month to the $12 to $13 range. As
of last week, the company has cut about 600 full-time employees
and has about 4,500 still on the payroll.
The new executive team - all senior vice presidents - includes:
Al Bellstedt, law and administration; Jake Epp, government and
external affairs; Russ Girling, chief financial officer; Garry
Mihaichuk, president of transmission; Val Mirosh, corporate
strategy and development; Bob Reid, northern development; Larry
Spackman, chief risk officer; Ron Turner, president of
international; and Russ Wells, integrated energy solutions. The
northern development, risk, and integrated solutions are new
Baldwin said TransCanada is continuing to evaluate company
assets and will sell those that do not fit with its future
direction. Reid, who spearheaded the campaign to build Iroquois
Pipeline, will be looking to extend TransCanada's system into the
newly blossoming Northwest Territories (Daily GPI, May 17, 1999).
Wells' job will involve coordinating services from various
TransCanada operations to offer integrated customer service
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