Enbridge’s Al Monaco to Retire; Greg Ebel Named as New CEO
(P&GJ) — Enbridge Inc. today announced Al Monaco's retirement as president and CEO as well as his departure from its board of directors effective January 1, 2023.
Concurrent with this announcement, the board of directors has appointed Greg Ebel, currently board chair, to succeed Monaco as president and CEO. 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 Ebel through the transition Monaco will serve as an advisor to March 1, 2023.
"I've been honored to lead Enbridge and our tremendously talented and dedicated people over the last decade," Monaco said. "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.”
Monaco continued, “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."
Since 2017, 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.
"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,” Ebel said. “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."
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