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
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Humboldt Broncos bus crash survivor qualifies Canada for Paralympics in rowing event
Former Humboldt Broncos goaltender and bus crash survivor Jacob Wassermann has qualified Canada for a rowing event for the 2024 Paralympic games in Paris.
Baby boom amongst nurses leads to maternity ward closure in Listowel, Ont.
The emergency room at Listowel’s hospital is open today, but come summer, their obstetrics unit will be temporarily closing its delivery rooms.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
Krispy Kreme doughnuts coming to McDonald's in U.S., but not Canada
Canadians will be missing out on a sweet new partnership between McDonald's and Krispy Kreme, which will see doughnuts available at McDonald's locations across the U.S. by the end of 2026.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.