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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