Stephen White to retire as Veresen President and CEO - Don Althoff to succeed
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CALGARY, Oct. 24, 2012 /CNW/ - Veresen Inc. ("Veresen") (TSX: VSN) today
announced thatStephen White, President and Chief Executive Officer has
decided to retire, effective upon the appointment of his replacement, Don
Althoff. Mr. White will remain on the Board of Directors of Alliance Pipeline
and Aux Sable, but will be leaving the Board of Directors of Veresen.
"On behalf of my fellow directors I would like to recognize Stephen for his
valuable contributions to Veresen - and his service to its employees and
shareholders during his 15 years with the company, including the past 10 years
as President and Chief Executive Officer," said Steve Mulherin, Chair of
Veresen's Board of Directors. "Under Stephen's leadership we have experienced
significant growth and success, and he has positioned Veresen for a strong
future. The Board respects Stephen's decision to retire - he has earned our
utmost respect and appreciation for all of his accomplishments at Veresen."
In 1997, as President and Chief Financial Officer, Mr. White was instrumental
in co-creating Fort Chicago Energy Partners L.P, the predecessor to Veresen
Inc. In late 2002, he was appointed Chief Executive Officer of the company.
Over the past 15 years, Veresen has grown from a market capitalization of $380
million to $2.6 billion today, and an investment of $5.95 per share at the
company's initial public offering price, assuming reinvestment of dividends,
would be worth $34.60 per share today. Since its inception, Veresen has
generated an average compounded annual total return of 12.7% and has made $1.3
billion in dividend payments to investors.
"I've been fortunate to work with some exceptional people during my time
here," said Mr. White. "My thanks go to the Board of Directors for their wise
counsel and support, and the entire Veresen team for their hard work and
dedication in building an organization focused on creating long-term value for
our shareholders. We have a committed and talented team of employees who are
building a leading energy infrastructure company. Everything Veresen has
achieved - and will continue to achieve as I turn over the reins - is due to
the collective efforts of this team. I'm proud of what we've accomplished
together and Veresen's future rests in very capable hands."
Veresen's Board of Directors also announced the appointment of Don Althoff as
President and Chief Executive Officer and a Director of Veresen - each
appointment to be effective once appropriate approvals from Human Resources
Skills Development Canada and Citizenship and Immigration Canada have been
"We are pleased to welcome Don as our new President and Chief Executive
Officer," said Mr. Mulherin. "He is a proven leader of large energy businesses
with a deep knowledge of the fuels supply chain marketplace. Don brings
experience and a passion for leading sustainable, high-performing
organizations. Critical in the delivery of his accomplishments is Don's
ability to harness a powerful vision, strategy and operating plan that
optimizes the business across its entire supply chain. The Board is confident
Don will bring the necessary expertise and vision to capitalize on current
strengths to create long-term value for our shareholders."
Mr. Althoff has had an extensive career in the energy industry, most recently
as Chief Executive Officer of Flex Fuel US, a company based in Chicago,
Illinois. Prior to 2008, he was with BP P.L.C. and Amoco Corporation for 27
years. Mr. Althoff's experience includes leading a fuels retail and supply
chain operation with US$8 billion in annual revenue and US$65 billion in
capital employed. Mr. Althoff held P&L accountability for an operation with
6,000 employees, 7,000 retail outlets, 40 product terminals and 4,800
kilometres of pipeline. He also has extensive operations experience at two
"I'm pleased to be joining Veresen and look forward to building on the
remarkable track record that Stephen and the team have created," said Mr.
Althoff. "We're entering an exciting era for the company and we will continue
to advance our strategy of high-quality, accretive growth. In addition to a
strong portfolio of low-risk, contracted assets within each of our business
segments, we have several excellent projects in construction or under
development that offer near-term growth. I'm confident that we possess the
expertise and drive necessary to ensure our success moving forward."
About Veresen Inc.
Veresen is a publicly-traded dividend paying corporation based in Calgary,
Alberta, that owns and operates energy infrastructure assets across North
America. Veresen is engaged in three principal businesses: a pipeline
transportation business comprised of interests in two pipeline systems, the
Alliance Pipeline and the Alberta Ethane Gathering System; a midstream
business which includes ownership interests in a world-class natural gas
liquids extraction facility near Chicago, the Hythe/Steeprock gas gathering
and processing complex, and other natural gas and NGL processing energy
infrastructure; and a power business with renewable and gas-fired facilities
and development projects in Canada and the United States, and district energy
systems in Ontario and Prince Edward Island. Veresen and each of its pipeline,
midstream and power businesses are also actively developing a number of
greenfield projects. In the normal course of its business, Veresen and each
of its businesses regularly evaluate and pursue acquisition and development
Veresen's common shares, Series A preferred shares, and 5.75% convertible
unsecured subordinated debentures, Series C due July 31, 2017 are listed on
the Toronto Stock Exchange under the symbols "VSN", "VSN.PR.A" and VSN.DB.C",
respectively. For further information, please visitwww.vereseninc.com.
Note to Analysts and Editors
A conference call and webcast will be held today at 10:00 am MT / 12:00 pm ET
A question and answer period will follow brief remarks from Steve Mulherin,
Stephen White and Don Althoff.
The conference will be broadcast via teleconference.
To listen to the news conference:
Dial-in: 1 (888) 231-8191 or 1 (647) 427-7450 Conference ID 55355345
The link to the conference call webcast is:
A replay of the call will be available at approximately 12:00 pm MT (2:00 pm
ET) on October 24, 2012 by dialing 1-855-859-2056 and 1-416-849-0833. The
access code is 55355345, followed by the pound sign. The replay will expire at
midnight (ET) on October 31, 2012.
Dorreen Miller, Director Investor Relations Phone: (403) 213-3633
SOURCE: Veresen Inc.
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-0- Oct/24/2012 13:00 GMT
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