Enbridge's Al Monaco to retire Jan. 1, board chair Greg Ebel named next CEO
Al Monaco will retire as chief executive of Enbridge Inc. on Jan. 1, 2023, the Calgary-based pipeline giant announced Monday.
Monaco, who has served as the company's CEO since 2012, will be replaced by current board chair Greg Ebel.
To support the transition, Monaco will remain with the company in an advisory capacity until March 1, 2023, Enbridge said in a news release.
Monaco led Enbridge through a period of unprecedented growth, which included the company's $37-billion acquisition of Spectra Energy in 2017. The deal accelerated the company's natural gas strategy and expanded its U.S. footprint.
During Monaco's tenure, Enbridge invested more than $60 billion in energy infrastructure projects, including Canada's first export pipeline system to the U.S. Gulf Coast, as well as the company's first international offshore wind project.
"I've been honored to lead Enbridge and our tremendously talented and dedicated people over the last decade," Monaco said in a news release. "I'm very proud of what we've accomplished together in building the leading diversified energy delivery company in North America."
Last week, Enbridge signed a deal to sell a minority stake in seven pipelines in the Athabasca region of northern Alberta to a group of 23 First Nation and Metis communities for $1.12 billion, something Alberta Premier Jason Kenney called "the single largest Indigenous transaction in the natural resource sector in the history of North America.''
Monaco called the deal one of Enbridge's proudest moments.
During his time as CEO, Monaco has also been an outspoken advocate of North America's energy industry. In 2022, Monaco spoke often about the need for conventional energy from North America as well as new, clean technologies to help ease geopolitical tensions created by Russia's invasion of Ukraine.
"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 Ebel in a news release.
"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," Ebel added.
Ebel has been chair at Enbridge since 2017 and before that was chair and chief executive of Spectra Energy.
Enbridge said a new independent board chair will be named before Ebel takes over the top job.
This report by The Canadian Press was first published Oct. 3, 2022.
CTVNews.ca Top Stories
NDP motion regarding Palestinian statehood passes after major Liberal alterations
A motion from the federal New Democrats initially calling on Canada to recognize the 'State of Palestine' passed amid widespread acrimony on Monday, after the Liberals drastically altered its wording to see the government simply work towards that aim as part of a two-state solution.
'He didn't want to die': Family of Calgary man killed in standoff speaks out
Family of a Calgary man killed after a 30-hour standoff with police last week are speaking out, sharing details of the tense and heart-wrenching experience.
Toronto family doctor who called patient's body 'perfect' suspended for 3 months: tribunal
A family doctor in Toronto has been suspended for three months after a disciplinary tribunal found that he failed to follow proper protocols while examining a patient's breasts and made inappropriate comments about her body.
Ohio mom who left toddler alone 10 days when she went on vacation pleads guilty to aggravated murder
An Ohio mother whose 16-month-old daughter died after being left home alone in a playpen for 10 days last summer while she went on vacation was sentenced Monday to life in prison with no chance of parole.
Retired teacher pleads guilty to paying for sex with 15-year-old in Collingwood, Ont.
In a Barrie courtroom on Monday, a retired high school teacher from the Niagara Region pleaded guilty to sexual touching and obtaining sexual services from a 15-year-old boy in Collingwood in 2021.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
5 charged in Calgary kidnappings that targeted women
Calgary police have charged five men in a pair of kidnappings last year that targeted innocent victims.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Canadian commander of volunteer fighter group dies in Ukraine
A Canadian-born commander of the so-called Norman Brigade, a volunteer fighting group in Ukraine, has died.