CALGARY,
AB, Nov. 21, 2022 /CNW/ - AltaGas Ltd.
("AltaGas" or the "Company") (TSX: ALA) announces that after a
successful four years of leading the organization, Randy Crawford, President and Chief Executive
Officer, will retire from AltaGas in the first half of 2023 as part
of a planned leadership succession process. During this period, the
Board of Director's will complete its work with external advisors
to evaluate internal and external candidates. This timeline will
ensure an orderly transition, as Mr. Crawford will remain in his
role until a successor is named, which is focused on delivering the
best outcomes for all of AltaGas' stakeholders.
"It has been an honor and a privilege to serve as AltaGas'
President and CEO for the past four years," said Randy Crawford. "I have been fortunate to
develop and lead a highly talented and dedicated team to
successfully transform the Company into a leading exporter of
Canadian LPGs and a high-growth U.S. gas utility," Mr. Crawford
said. "Earlier this year, based on the strong financial and
strategic position of the Company, I signaled to the Board that I
felt it made sense to start planning my exit to allow for a new
leader to build on the Company's strengths and capitalize on the
new opportunities it has, including those associated with the
energy transition. One of the defining characteristics of AltaGas
over the last four years has been the quality and strength of its
leadership team, and I'm very proud of and excited for the team
that will lead AltaGas into the future. Most importantly, I want to
thank my team and all our approximately 3,000 employees for
everything they have accomplished."
"The past four years have been filled with intentional and
impactful moves at AltaGas" said Pentti
Karkkainen, Chair of the Board. "Through Randy's leadership,
the Company successfully refocused on two core businesses — both of
which are centered on operating long-life infrastructure assets
that connect customers and markets and are positioned to provide
resilient and durable value for AltaGas' stakeholders. The Board
thanks Randy for the critical role he has played in shaping our
strategy and empowering a strong leadership team to execute against
it. Our leadership team has made marked changes in how we operate
and service our customers with the collective push of our employees
driving strong corporate results. We look forward to working
with Randy on a successful transition that ensures AltaGas'
long-term success for our stakeholders."
ABOUT ALTAGAS
AltaGas is a leading North American infrastructure company that
connects customers and markets to affordable and reliable sources
of energy. The Company operates a diversified, lower-risk,
high-growth Utilities and Midstream business that is focused on
delivering resilient and durable value for its stakeholders.
For more information visit www.altagas.ca or reach out to one of
the following:
Jon Morrison
Senior
Vice President, Investor Relations & Corporate Development
Jon.Morrison@altagas.ca
Adam McKnight
Director,
Investor Relations
Adam.McKnight@altagas.ca
Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca
Media Inquiries
1-403-206-2841
media.relations@altagas.ca
FORWARD-LOOKING
INFORMATION
This news release contains forward-looking information
(forward-looking statements). Words such as "may", "can", "would",
"could", "should", "will", "intend", "plan", "anticipate",
"believe", "aim", "seek", "propose", "contemplate", "estimate",
"focus", "strive", "forecast", "expect", "project", "target",
"potential", "objective", "continue", "outlook", "vision",
"opportunity" and similar expressions suggesting future events or
future performance, as they relate to the Corporation or any
affiliate of the Corporation, are intended to identify
forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other
things, leadership succession planning, business objectives,
expected growth, performance, business projects and opportunities.
Specifically, such forward-looking statements included in this
document include, but are not limited to, statements with respect
to the following: expected execution of AltaGas' CEO succession
plan, including process, timing, oversight and outcomes; potential
to capitalize on new opportunities, including those associated with
the energy transition; and expected growth opportunities, outcomes,
and areas of focus.
These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
events and achievements to differ materially from those expressed
or implied by such statements. Such statements reflect AltaGas'
current expectations, estimates, and projections based on certain
material factors and assumptions at the time the statement was
made. Material assumptions include: the U.S./Canadian dollar
exchange rate, the expected impact of the COVID-19 pandemic,
inflation, impacts of the hedging program, commodity prices,
weather, frac spread, dividend levels, number of ships and export
levels from the Ferndale and RIPET facilities, effective tax rates,
propane price differentials, degree day variance from normal,
pension discount rate, the performance of the businesses underlying
each sector, access to capital, timing and receipt of regulatory
approvals, planned and unplanned plant outages, timing of
in-service dates of new projects and acquisition and divestiture
activities, operational expenses, returns on investments, and
transaction costs.
AltaGas' forward-looking statements are subject to certain
risks and uncertainties which could cause results or events to
differ from current expectations, including, without limitation:
risk related to pandemics, epidemics or disease outbreaks,
including COVID-19; health and safety risks; operating risk;
natural gas supply risks; volume throughput; infrastructure;
service interruptions; cyber security, information, and control
systems; climate-related risks, including carbon pricing;
regulatory risks; litigation risk; changes in law; political
uncertainty and civil unrest; decommissioning, abandonment and
reclamation costs; reputation risk; weather data; Indigenous and
treaty rights; capital market and liquidity risks; general economic
conditions; internal credit risk; foreign exchange risk;
integration of Petrogas; debt financing, refinancing, and debt
service risk; interest rates; counterparty and supplier risk;
technical systems and processes incidents; dependence on certain
partners; growth strategy risk; construction and development;
transportation of petroleum products; underinsured and uninsured
losses; impact of competition in AltaGas' businesses; counterparty
credit risk; market risk; composition risk; collateral; rep
agreements; market value of common shares and other securities;
variability of dividends; potential sales of additional shares;
labor relations; key personnel; risk management costs and
limitations; cost of providing retirement plan benefits; failure of
service providers; and the other factors discussed under the
heading "Risk Factors" in the Corporation's Annual Information Form
for the year ended December 31, 2021
and set out in AltaGas' other continuous disclosure
documents.
Many factors could cause AltaGas' or any particular business
segment's actual results, performance or achievements to vary from
those described in this press release, including, without
limitation, those listed above and the assumptions upon which they
are based proving incorrect. These factors should not be construed
as exhaustive. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from
those described in this news release as intended, planned,
anticipated, believed, sought, proposed, estimated, forecasted,
expected, projected or targeted and such forward-looking statements
included in this news release, should not be unduly relied upon.
The impact of any one assumption, risk, uncertainty, or other
factor on a particular forward-looking statement cannot be
determined with certainty because they are interdependent and
AltaGas' future decisions and actions will depend on management's
assessment of all information at the relevant time. Such statements
speak only as of the date of this news release. AltaGas does not
intend, and does not assume any obligation, to update these
forward-looking statements except as required by law. The
forward-looking statements contained in this news release are
expressly qualified by these cautionary statements.
Additional information relating to AltaGas, including its
quarterly and annual MD&A and Consolidated Financial
Statements, AIF, and press releases are available through AltaGas'
website at www.altagas.ca or through SEDAR at www.sedar.com
SOURCE AltaGas Ltd.