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;
and Val Mirosh, corporate strategy and development; Bob Reid, northern
development; Larry Spackman, chief risk officer; Ron Turner, president
of international; Russ Wells, integrated energy solutions. The northern
development, risk, and integrated solutions are new positions.
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 (See NGI,
May 24, 1999). Wells' job will involve coordinating services from various
TransCanada operations to offer integrated service to customers.
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