Canada’s Enbridge announces CEO transition
Al Monaco will retire from Canadian midstream infrastructure company on January 1, 2023, it said October 3, to be replaced by Greg Ebel, who is currently chair of the board of directors.
A new independent board chair will be named prior to January 1, and to support the transition, Monaco will serve as an advisor until March 1, 2023.
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“On behalf of the board, I would like to thank Al for his invaluable and bold leadership over the last decade as CEO, and throughout his 27 years with Enbridge,” Ebel said. “Al has led Enbridge through a period of unprecedented growth, repositioning the business as a leader across four blue chip platforms, strengthening its low-risk pipeline utility model and driving consistent financial performance, dividend increases, and organic growth.”
Under Monaco’s leadership, Enbridge expanded its liquids pipeline business into the US Gulf Coast, executed the C$37bn merger with Spectra Energy, built out its crude oil and LNG export capabilities and accelerated its renewable energy and low carbon growth.
Ebel has served as board chair since 2017, coming to Enbridge through the merger with Spectra, where he had been CEO since 2009. He has also held executive positions with Union Gas in Ontario and Duke Energy in the US.