TransCanada PipeLines, led by interim CEO Doug Baldwin, unveileda new organizational structure Friday, aimed at “building greatervalue for shareholders from its pipeline, power generation,midstream and marketing infrastructure across Canada and thenorthern tier of the United States.”
The announcement came one week after Chairman George Watsontendered his resignation, effective July 31, to the board ofdirectors “for personal reasons.” Baldwin, a board member whoretired at the end of last year from his post as senior vicepresident of exploration and production for Imperial Oil Ltd., saidhe would be leading the TransCanada team until a permanentreplacement was found.
Watson had been directing planning for the reorganization sincethe beginning of the year. It follows on the major merger a yearago between TransCanada and Nova Corp. The company’s common stock,which peaked near $16 at the time of the merger, has languishedsince then, dropping in the last month to the $12 to $13 range. Asof last week, the company has cut about 600 full-time employeesand 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 andexternal affairs; Russ Girling, chief financial officer; GarryMihaichuk, president of transmission; Val Mirosh, corporatestrategy and development; Bob Reid, northern development; LarrySpackman, chief risk officer; Ron Turner, president ofinternational; and Russ Wells, integrated energy solutions. Thenorthern development, risk, and integrated solutions are newpositions.
Baldwin said TransCanada is continuing to evaluate companyassets and will sell those that do not fit with its futuredirection. Reid, who spearheaded the campaign to build IroquoisPipeline, will be looking to extend TransCanada’s system into thenewly blossoming Northwest Territories (Daily GPI, May 17, 1999).Wells’ job will involve coordinating services from variousTransCanada operations to offer integrated customer service
©Copyright 1999 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.
© 2021 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |