Published on 3 Oct 2022 on Hart Energy via Yahoo Finance
Enbridge’s Al Monaco to Retire; Greg Ebel Will Be New CEO
Enbridge Inc. President and CEO Al Monaco will retire after a decade of leading North America’s largest energy infrastructure company, the Calgary, Alberta-based company said Oct. 3. Board Chair Greg Ebel will succeed him when his retirement takes effect on Jan. 1, 2023. Monaco will stay on in an advisory role until March 1.
Enbridge’s share price rose about 3% to $38.17 on the news in morning trading on the New York Stock Exchange. It boasts a market capitalization of about $77 billion.
Monaco engineered the $37 billion merger with Spectra Energy that closed in 2017, a deal that greatly expanded the company’s U.S. operations and brought Ebel, then Spectra’s chairman, president and CEO, over to Enbridge. Monaco is also the architect of Enbridge’s $60 billion in infrastructure investment, as well as its push toward LNG export facilities and growth in low-carbon and renewable energy.