CALGARY,
AB, Oct. 3, 2022 /PRNewswire/ - Enbridge Inc.
(TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today announced
Al Monaco's retirement as President
and Chief Executive Officer and from its Board of Directors
effective January 1, 2023. Concurrent
with this announcement and after considering internal and external
candidates, the Board of Directors has appointed Greg Ebel, currently Board Chair, to succeed Mr.
Monaco as President and Chief Executive Officer. Mr. Ebel will also
continue as a member of the Board of Directors. A new independent
Board Chair will be named prior to January
1, 2023. To support Mr. Ebel through the transition, Mr.
Monaco will serve as an advisor to March 1,
2023.
"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," said Greg Ebel. "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 his
leadership, Enbridge strategically expanded its liquids pipeline
business into the U.S. gulf coast, executed the successful
$37 billion merger with Spectra
Energy, built out its crude oil and LNG export capabilities and
accelerated its renewable energy and low-carbon growth.
"Al's unparalleled leadership, discipline and integrity has
ensured that the Company is incredibly well positioned to remain a
critical component of North
America's energy fabric, and to grow, for decades to come.
His relentless focus on Enbridge's safety performance, emissions
reduction, Indigenous engagement, diversity, equity, and inclusion
and fostering the Company's talent will provide an enduring
foundation for the future. On behalf of the Board, and Enbridge, we
wish Al all the best."
Mr. Ebel continued, "Enbridge is truly North America's premier energy infrastructure
company and I'm excited to build on management's track record of
success. Our extraordinary management team has steadily advanced
our strategic priorities and generated tremendous shareholder value
through disciplined investment and world class operations. I look
forward to working with all our employees and the Board as we
continue to grow Enbridge as the energy infrastructure company of
choice in North America and as we
pursue achievement of the same in new markets."
"My sincere gratitude to the Board for placing its confidence in
my leadership as we continue to move the business forward with a
consistent focus on the energy transition, capital allocation,
safety, integrity, inclusion and high performance. With a deep
appreciation for the very solid foundation that Enbridge has set
over more than a century of reliably delivering energy, we are all
excited about growing the Company well into the future. Indeed,
Tomorrow is on!" concluded Mr. Ebel.
Since 2017, Mr. Ebel has held the position of Chair of the Board
which has, along with the Board, provided strategic oversight and
leadership to the Company throughout its ongoing transformation.
His biography is available here.
"Greg is well positioned to lead Enbridge in the next phase of
growth," said Mr. Monaco. "His leadership at Spectra built it into
one of the premier North American gas infrastructure businesses,
and over the last five years, his Board oversight has been highly
supportive of Enbridge's strategy and execution. Combined with his
deep knowledge of the industry, Greg is an excellent choice to lead
Enbridge. I wish Greg all the best in his new role and look forward
to the continued success of Enbridge."
"I've been honored to lead Enbridge and our tremendously
talented and dedicated people over the last decade," added Mr.
Monaco. "I'm very proud of what we've accomplished together in
building the leading diversified energy delivery company in
North America. We've consistently
delivered on our strategic priorities, significantly grown cash
flows and the dividend, and we've bolstered our financial position,
simplified our corporate structure, and lowered costs. We
diversified our asset mix by materially increasing our natural gas
infrastructure footprint and expanding our world-class low-carbon
platform across wind, solar, renewable natural gas, hydrogen and
carbon capture.
"The team's relentless focus and advancements on safety,
reliability, customer service, and ESG leadership has provided a
solid foundation for the future. Together, we've ensured that
Enbridge is well positioned for the energy transition, strongly
advocated for our industry, and delivered on our purpose to fuel
people's quality of life. I'm confident that the Company and its
leadership are in a great position to continue to be disciplined
allocators of capital and grow to generate value for our
shareholders. I'd like to thank the Board for its ongoing guidance
and support of our team," concluded Mr. Monaco.
About Enbridge
At Enbridge, we safely connect millions of people to the
energy they rely on every day, fueling quality of life through our
North American natural gas, oil or renewable power networks and our
growing European offshore wind portfolio. We're investing in modern
energy delivery infrastructure to sustain access to secure,
affordable energy and building on two decades of experience in
renewable energy to advance new technologies including wind and
solar power, hydrogen, renewable natural gas and carbon capture and
storage. We're committed to reducing the carbon footprint of the
energy we deliver, and to achieving net zero greenhouse gas
emissions by 2050.
Headquartered in Calgary, Alta., Enbridge's common
shares trade under the symbol ENB on the Toronto (TSX)
and New York (NYSE) stock exchanges. To learn more, visit
us at Enbridge.com
Forward-Looking
Information
Forward-looking information, or forward-looking statements,
have been included in this news release to provide information
about Enbridge. This information may not be appropriate for other
purposes. Forward looking statements are typically identified by
words such as ''anticipate'', ''expect'', ''project'', 'estimate'',
''forecast'', ''plan'', ''intend'', ''target'', ''believe'',
"likely" and similar words suggesting future outcomes or statements
regarding an outlook.
Although Enbridge believes these forward-looking statements
are reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future performance and
readers are cautioned against placing undue reliance on
forward-looking statements. By their nature, these statements
involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those
expressed or implied by such statements.
Enbridge's forward-looking statements are subject to risks
and uncertainties, including but not limited to those risks and
uncertainties discussed in this and in the Company's other filings
with Canadian and U.S. securities regulators. The impact of any one
risk, uncertainty or factor on a particular forward-looking
statement is not determinable with certainty, as these are
interdependent and Enbridge's future course of action depends on
management's assessment of all information available at the
relevant time. Except to the extent required by applicable law,
Enbridge assumes no obligation to publicly update or revise any
forward-looking statements made in this news release or otherwise,
whether as a result of new information, future events or otherwise.
All forward-looking statements, whether written or oral,
attributable to Enbridge or persons acting on the Company's behalf,
are expressly qualified in their entirety by these cautionary
statements.
For Further Information Please Contact:
Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com
Investment Community
Jonathan
Morgan
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com
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SOURCE Enbridge Inc.