Enbridge announces the retirement of Al Monaco; appoints Greg Ebel as President and CEO

Published 9 hours ago

Proposed by Enbridge Inc.

CALGARY, AB, Oct. 19, 2022 /CSRwire/ — Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) recently announced the retirement of Al Monaco as President and Chief Management and its Board of Directors effective January 1, 2023. Concurrent with this announcement and after reviewing internal and external nominations, the Board of Directors has appointed Greg Ebel, currently Chairman of the Board, to succeed Mr. Monaco as President and CEO. Mr. Ebel will also continue as a member of the Board of Directors. A new independent chairman of the board will be appointed before January 1, 2023. To support Mr. Ebel throughout the transition, Mr. Monaco will serve as an advisor until March 1, 2023.

“On behalf of the Board, I would like to thank Al for his invaluable and bold leadership over the past decade as CEO and throughout his 27 years at Enbridge,” said Greg Ebel. “Al led Enbridge through a period of unprecedented growth, repositioning the company as a leader on four premier platforms, strengthening its low-risk pipeline utility model and delivering consistent financial performance, revenue increases dividends and organic growth. Under his leadership, Enbridge strategically expanded its liquids pipeline business on the U.S. Gulf Coast, executed the successful $37 billion merger with Spectra Energy, expanded its crude oil and LNG export capabilities, and accelerated its revenue growth. renewable and low carbon energy.

“Al’s unparalleled leadership, discipline and integrity have ensured the company is incredibly well positioned to remain a vital part of the North American energy fabric and to grow for decades to come. the company’s engagement, diversity, equity and inclusion and talent promotion will provide a sustainable foundation for the future. On behalf of the Board and Enbridge, we wish Al all the best.

Mr. Ebel continued, “Enbridge is truly the premier energy infrastructure company in North America and I am pleased to build on management’s track record of success. Our extraordinary management team has consistently advanced our strategic priorities and generated significant shareholder value through disciplined investing and a I look forward to working with all of our employees and the Board of Directors as we continue to do grow Enbridge as the energy infrastructure company of choice in North America and that we continue to achieve the same in new markets.

“My sincere gratitude to the Board of Directors for placing their trust in my leadership as we continue to drive the company forward with a consistent focus on energy transition, capital allocation, safety, integrity , inclusion and high performance. With a deep appreciation for the very strong foundation that Enbridge has established over more than a century of reliable energy delivery, we are all excited to grow the company in the future. future. Indeed, tomorrow is on its way!” concluded Mr. Ebel.

Since 2017, Mr. Ebel has served as Chairman of the Board who, along with the Board, has provided strategic oversight and leadership to the company throughout its ongoing transformation. His biography is available here.

“Greg is well positioned to lead Enbridge through the next phase of growth,” Mr. Monaco said. “His leadership at Spectra has made it one of the leading gas infrastructure companies in North America, and over the past five years his board oversight has strongly supported Spectra’s strategy and execution. “Enbridge. Combined with his deep knowledge of the industry, Greg is an excellent choice to lead Enbridge. I wish Greg every success in his new role and look forward to Enbridge’s continued success.”

“I have been honored to lead Enbridge and our extremely talented and dedicated employees over the past decade,” added Mr. Monaco. “I am very proud of what we have accomplished together to build North America’s leading diversified energy delivery company. We have consistently delivered on our strategic priorities, significantly increased cash flow and dividend, and strengthened our We have diversified our asset mix by significantly increasing the footprint of our natural gas infrastructure and expanding our low-cost platform. world-class carbon emissions through wind, solar, renewable natural gas, hydrogen and carbon capture.

“The team’s focus and steady progress in safety, reliability, customer service and ESG leadership has provided a solid foundation for the future. Together, we have ensured that Enbridge is well positioned for the energy transition, strongly advocated for our industry, and achieves our goal of fueling people’s quality of life. I am confident that the Company and its leaders are in an excellent position to continue to be disciplined allocators of capital and to grow to generate value for our shareholders. I would like to thank the Board of Directors for their continued guidance and support to our team,” concluded Mr. Monaco.

About Enbridge

At Enbridge, we safely connect millions of people to the energy they depend on every day, powering quality of life through our North American natural gas, oil or renewable energy grids and wind portfolio. growing offshore in Europe. We invest in modern power distribution infrastructure to maintain access to secure and affordable energy and we draw on two decades of experience in renewable energy to advance new technologies including wind and solar power , hydrogen, renewable natural gas and carbon capture and storage. We are committed to reducing the carbon footprint of the energy we supply and to achieving net zero greenhouse gas emissions by 2050.

Based in Calgary, Alberta, Enbridge’s common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at Enbridge.com

Forward-looking information

Forward-looking information or forward-looking statements have been included in this press release to provide information about Enbridge. This information may not be suitable for other purposes. Forward-looking statements are generally identified by words such as “anticipate”, “expect”, “project”, “estimate”, “expect”, “plan”, “have the ‘intent’, ”target”, ”believe”, ‘likely’ and similar words suggesting future results or statements about a prospect.

Although Enbridge believes these forward-looking statements are reasonable based on the information available as of the date such statements are made and the processes used to prepare the information, these statements are not guarantees of future performance and readers are cautioned not to place undue reliance on forward-looking statements. statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these statements.

Enbridge’s forward-looking statements are subject to risks and uncertainties, including, but not limited to, the risks and uncertainties discussed in this document and in the Company’s other filings with Canadian and American securities regulators. The impact of any risk, uncertainty or factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Enbridge’s future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge undertakes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on behalf of the Company are expressly qualified in their entirety by these cautionary statements.

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SOURCEEnbridge Inc.

Enbridge Inc.

Enbridge Inc.

About Enbridge

At Enbridge, our name articulates our mission: a bridge to a sustainable energy future. This bridge safely connects millions of people around the world to the energy they depend on every day, powering the quality of life. Whether it’s natural gas, oil or renewable energy, the energy we supply through grids spanning North America and our growing offshore wind portfolio in Europe helps heat homes, feed families, power vehicles and the energy industry. We invest in modern energy infrastructure to maintain access to secure and affordable energy. We also draw on two decades of renewable energy experience to advance new low-carbon energy technologies, including hydrogen, renewable natural gas, and carbon capture and storage. We are committed to reducing the carbon footprint of the energy we supply and to achieving net zero greenhouse gas emissions by 2050.

Based in Calgary, Alberta, Enbridge’s common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To find out more, visit us at Enbridge.com

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