HomeBusinessEnbridge's Al Monaco to retire Jan. 1, board chair Greg Ebel named...

Enbridge’s Al Monaco to retire Jan. 1, board chair Greg Ebel named next CEO

Al Monaco, who has headed Enbridge Inc. for a decade, serving to to remodel it right into a diversified North American power infrastructure firm, will retire as chief govt of the Calgary-based firm on Jan. 1, 2023.

Monaco, who has served as CEO of the pipeline large since 2012, shall be changed by present board chair Greg Ebel, the corporate stated Monday in a information launch.

To help the transition, Monaco will stay with the corporate in an advisory capability till March 1, 2023, Enbridge stated.

Monaco led Enbridge via a interval of unprecedented progress, which included the corporate’s $37-billion acquisition of Spectra Power in 2017. The deal accelerated the corporate’s pure gasoline technique and expanded its U.S. footprint.

Throughout Monaco’s tenure, Enbridge invested greater than $60 billion in power infrastructure tasks, together with Canada’s first export pipeline system to the U.S. Gulf Coast, in addition to the corporate’s first worldwide offshore wind mission.

“Should you have a look at Al’s legacy at Enbridge, he took a Canadian firm that was centered on liquids … and he grew it. The corporate is now huge in North America,” stated Kevin Birn, chief analyst, Canadian oil markets, with S&P International.

“Enbridge moved from extra of a Canadian-focused firm, to a very North American utility.”

Final week, Enbridge signed a deal to promote a minority stake in seven pipelines within the Athabasca area of northern Alberta to a bunch of 23 First Nation and Metis communities for $1.12 billion, one thing Alberta Premier Jason Kenney known as “the only largest Indigenous transaction within the pure useful resource sector within the historical past of North America.”

Monaco known as the deal one in every of Enbridge’s proudest moments.

Throughout Monaco’s tenure, Enbridge invested greater than $60 billion in power infrastructure tasks, together with Canada’s first export pipeline system to the U.S. Gulf Coast. (Jeff McIntosh/The Canadian Press)

Throughout his time as CEO, Monaco has additionally been an outspoken advocate of North America’s power business. His decade on the helm of Enbridge was a tumultous one for the broader business, that includes all the things from boom-time progress in 2012-14 to the contentious politics and protests surrounding North American pipeline tasks to the oil worth crash of 2014-15.

In 2022, as power costs skyrocketed on the heels of Russia’s invasion of Ukraine, Monaco spoke usually in regards to the want for typical power from North America in addition to new, clear applied sciences to assist ease geopolitical tensions.

“It has been an unimaginable up and down interval, an incredible interval of transition for the sector, and he form of noticed (Enbridge) via all of that,” Birn stated.

In a information launch Monday, Monaco stated it has been an honour to guide Enbridge and its individuals over the past decade.

“I am very pleased with what we have completed collectively in constructing the main diversified power supply firm in North America,” Monaco stated.

“Collectively, we have ensured that Enbridge is properly positioned for the power transition, strongly advocated for our business, and delivered on our function to gas individuals’s high quality of life.”

Ebel, on behalf of the board, thanked Monaco for his “invaluable and daring management” throughout his decade CEO, and all through his 27 years with Enbridge, in the identical launch.

“Al’s unparalleled management, self-discipline and integrity has ensured that the corporate is extremely properly positioned to stay a vital part of North America’s power cloth, and to develop, for many years to return,” Ebel added.

Ebel has been chair at Enbridge since 2017 and earlier than that was chair and chief govt of Spectra Power.

Enbridge stated a brand new unbiased board chair shall be named earlier than Ebel takes excessive job.

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