NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Enbridge Inc.
TSX SYMBOL: ENB
NYSE SYMBOL: ENB
JUNE 18, 2014
Enbridge Announces Executive Changes
CALGARY, ALBERTA--(Marketwired - June 18, 2014) - Enbridge Inc.
(TSX:ENB)(NYSE:ENB) announced today that J. Richard Bird, Executive Vice
President, Chief Financial Officer and Corporate Development, plans to retire
by the end of 2014. Upon Mr. Bird's retirement, his responsibilities will
be split into two separate roles of chief financial officer and chief
development officer. Enbridge also announced the appointment of John Whelen as
Senior Vice President, Finance and of Vern Yu as Senior Vice President,
Corporate Development, both reporting to Mr. Bird, effective July 1st, 2014.
Mr. Whelen is currently Enbridge's Senior Vice President and Controller.
He will retain executive leadership for Enbridge's financial reporting
function and will also assume responsibility for Enbridge's tax and
treasury functions. Mr. Whelen has been part of the Enbridge team for 22 years
in a series of executive positions of increasing responsibility including
treasury, risk management, corporate planning and development, and financial
reporting. He has served as the chief financial officer and then the president
of the Enbridge Income Fund where he led the business through a period of
significant growth. Throughout his history with the company, Mr. Whelen has
developed extensive experience in capital markets and has been instrumental in
securing billions of dollars in growth capital funding for Enbridge.
Mr. Yu is currently Enbridge's Senior Vice President, Liquids Pipelines
Business and Market Development. He will assume responsibility for executive
leadership of Enbridge's corporate planning and development function,
including strategic planning and investment review. He will also assume
responsibility for the oversight of Enbridge's new growth platforms
including renewable energy, international and energy services. Mr. Yu has been
part of the Enbridge team for 21 years in a series of executive positions of
increasing responsibility. Most recently, Mr. Yu led the Liquids Pipelines
business development team to secure more than $30B in new growth projects,
which will facilitate new market access for our customers. In addition he has
also held several senior corporate and financial positions.
Al Monaco, President and Chief Executive Officer of Enbridge commented on the
executive changes, "Richard has been a key member of Enbridge's
executive leadership team for two decades, holding both senior financial and
operational roles. He is highly respected by our employees and our external
stakeholders. Among many accomplishments, Richard has been instrumental in
developing Enbridge's disciplined capital investment process and assuring
a prudent approach to financial management. He is also responsible for the
creation of our sponsored vehicles, Enbridge Energy Partners and Enbridge
Income Fund, as well as securing Enbridge's investment in Gaz Metro
through the Noverco structure. Enbridge's executive leadership team and
our Board of Directors greatly appreciate Richard's contribution to
"We are also very pleased to have John Whelen and Vern Yu assuming their
new roles within our leadership team.
"The fact that we have the internal bench strength to fill two such
critical senior roles is a confirmation of the effectiveness of our succession
management and leadership development program. One of Richard's main
responsibilities for the rest of the year will be to support John and Vern in
their new roles."
About Enbridge Inc.
Enbridge Inc., a Canadian Company, is a North American leader in delivering
energy and has been included on the Global 100 Most Sustainable Corporations in
the World ranking for the past six years. 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 a significant and growing
involvement in natural gas gathering, transmission and midstream businesses,
and an increasing involvement in power transmission. 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. As a generator of energy, Enbridge has
interests in 1,800 megawatts of renewable and alternative energy generating
capacity and is expanding its interests in wind and solar energy and
geothermal. Enbridge employs more than 10,000 people, primarily in Canada and
the U.S. and is ranked as one of Canada's Top 100 Employers for 2014.
Enbridge's common shares trade on the Toronto and New York stock exchanges
under the symbol ENB. For more information, visit www.enbridge.com. None of the
information contained in, or connected to, Enbridge's website is
incorporated in or otherwise part of this news release.
Senior Vice President, Finance
John Whelen is currently the Senior Vice President and Controller for Enbridge
Inc. Effective July 1, 2014, he will become the Senior Vice President, Finance
for Enbridge Inc. He will retain executive leadership of the Company's
financial reporting function and will assume responsibility for Enbridge's
tax and treasury functions.
John began his career with Enbridge in 1992 when he joined the Consumers Gas
Company (now Enbridge Gas Distribution) as Manager of Treasury. Since that
time, he has held roles of increasing responsibility within the finance
organization at Enbridge. Prior to his role as Controller, John held a number
of other senior management positions including Senior Vice President, Corporate
Development and Vice President & Treasurer responsible for cash management
and banking, corporate finance and risk management. He also served as President
of the Company's publicly traded affiliate Enbridge Income Fund Holdings
Inc. and its predecessor, Enbridge Income Fund from 2008 through the end of
Prior to joining Enbridge, John worked in the financial services sector in a
variety of roles focused on funding and treasury management. John holds an MBA
(Finance) from McMaster University and a B.Sc. (Economics) from the University
Senior Vice President, Corporate Development
Vern Yu is currently the Senior Vice President, Liquids Pipelines Business and
Market Development. Effective July 1, 2014, he will become the Senior Vice
President, Corporate Development for Enbridge Inc. He will be responsible for
Enbridge's corporate planning and development function, including
strategic planning and investment review. He will also be responsible for the
oversight of Enbridge's new growth platforms: renewable energy,
international and energy services.
In his senior executive role with the Liquids Pipelines Business and Market
Development group, Vern has been responsible for all business and market
development activities for Enbridge's crude oil infrastructure business.
He led the Liquid Pipelines business development team securing more than $30B
in new growth projects, which will facilitate new market access for our
customers. Vern also served as Vice President, Investor Relations and
Enterprise Risk, and has held leadership roles in capital markets, financial
risk management and treasury functions.
Vern currently serves as the Vice Chair of the Alberta Cancer Foundation's
Board of Trustees and is the 2014 Chair of the Enbridge Ride to Conquer Cancer.
Before coming to Enbridge in 1993, Vern worked as an engineer at TransCanada
Pipelines and Bow Valley Industries. He has an MBA in Finance from the
University of Toronto and a B.Sc. (Applied Science) from Queen's
FOR FURTHER INFORMATION PLEASE CONTACT:
(403) 508-6563 or Toll Free: (888) 992-0997
INDUSTRY: Energy and Utilities - Oil and Gas
-0- Jun/18/2014 20:01 GMT
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