CALGARY, ALBERTA--(Marketwire - Jan. 9, 2008) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) announced today a number of changes in its senior management team, which are designed to ensure the successful execution of the most exciting growth plans in the Company's history, as well as to maintain the success of its current operations.
"Enbridge currently has projects valued at $12 billion that are approved and underway, and another $14 billion of projects under consideration," said Patrick D. Daniel, President and Chief Executive Officer, Enbridge Inc. "Over the next three to five years, we need to have a strong focus not only on our current operations but also on the construction of these projects. This growth plan, and the opportunities the plan presents, requires a new organization structure that separates major projects from the operating functions, and places the appropriate emphasis on both of these important components of Enbridge's future."
As part of these developments, Enbridge announced the following changes in its senior management team, effective immediately:
- Al Monaco, currently President Enbridge Gas Distribution, becomes Executive Vice President, Major Projects and will lead the newly created Major Projects Business Unit, which will be responsible for project execution once commercial viability for a major project has been established. Mr. Monaco will relocate from Toronto to Calgary.
- Steve Wuori, currently Executive Vice President, Chief Financial Officer and Corporate Development, will assume the position of Executive Vice President, Liquids Pipelines. Mr. Wuori's operating and business development experience will serve Enbridge well as the Company focuses on the strength of its current operations. He will be responsible for ensuring the successful integration of completed projects into the Enbridge system.
- Richard Bird, currently Executive Vice President, Liquids Pipelines, will assume the position of Executive Vice President, Chief Financial Officer and Corporate Development. Mr. Bird has an extensive background in finance and corporate development and is well suited to lead the finance organization to ensure adequate funding is available to support this period of unprecedented growth.
- Steve Letwin, Executive Vice President, Gas Transportation & International; Bonnie DuPont, Group Vice President, Corporate Resources; and David Robottom, Group Vice President, Corporate Law, will remain in their current roles and continue reporting to Mr. Daniel. Their functions will remain unchanged.
- Janet Holder is appointed President of Enbridge Gas Distribution, replacing Al Monaco, and will relocate from Edmonton to Toronto. Ms. Holder spent 12 years in senior positions in Enbridge Gas Distribution before assignments brought her to Calgary and Edmonton. In her new role, Ms. Holder will report to Steve Letwin.
"These new assignments reflect a strong leadership team and continue the process of executing our long range plan," said Mr. Daniel. "Our team's goal is to continue to deliver superior returns to our shareholders and maintain the credibility we have earned with all of our stakeholders."
About Enbridge
Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 5,500 people, primarily in Canada, the U.S. and South America. Enbridge's common shares trade on the Toronto Stock Exchange in Canada and on the New York Stock Exchange in the U.S. under the symbol ENB. Information about Enbridge is available on the Company's web site at www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
For more information please contact:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: 1-888-992-0997
Email: jennifer.varey@enbridge.com
or
Enbridge Inc.
Vern Yu
Investment Community
(403) 231-3946
Email: vern.yu@enbridge.com
Website: www.enbridge.com