After five years as head of one of Canada’s largest energycompanies, George Watson submitted his resignation to TransCanada’sboard of directors last week citing “personal reasons.” Theresignation, which becomes effective July 31, comes just weeksbefore the company plans to announce a structural shake-up,designed to support its strategic direction. No details of thereorganization are being divulged at this time, a company spokesmansaid.

“George Watson was instrumental in finding Nova as a mergerpartner last year. He was instrumental in working out the synergiesbetween the two companies and he headed this upcomingreorganization,” said Gary Davis, a TransCanada spokesman. “Afterpositioning the company at a point where he felt it could prosper,he has decided to explore other opportunities.” Davis added thatWatson’s resignation was given without warning.

Richard Haskayne, former chair of Nova Corp. before it mergedwith TransCanada last year and present chair of TransCanada’s boardof directors (BOD), will assume Watson’s responsibilities as headof the executive management committee. Doug Baldwin, who has beenon the company’s BOD since April 30 will be the interim CEOeffective August 1. Baldwin will oversee the company’s day-to-dayoperations while company’s international search for a permanentreplacement occurs.

The merger with Nova was one of the highlights of Watson’s tenure(See Daily GPI, Jan. 27). The $11billion transaction formed a company with $21 billion in assets andintegrated pipeline control of the main Canadian producing provinceand transportation across the top of the continent to U.S. andCanadian markets.

No timetable has been set up to find a replacement for Watson.TransCanada said it will announce its restructuring plans beforeAugust 1.

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