Enbridge (ENB) Chief Executive Officer (CEO) Al Monaco has announced that he will retire from
the energy company next year.
In a news release, Enbridge said Monaco will leave the company on January 1 and be replaced
by Greg Ebel, the current board chair.
Enbridge added that Monaco will stay on as an advisor to the company until March 1, 2023.
Appointed CEO in October 2012, Monaco expanded Enbridge’s operations across North
America with the $37 billion U.S. acquisition of Spectra Energy back in 2017.
However, Enbridge’s Line 3 pipeline was delayed by two years because of a political dispute in
Minnesota.
Also during Monaco’s time at the helm of Enbridge, the company’s Northern Gateway pipeline
project that would have linked Alberta’s oil patch to the port of Kitimat, British Columbia was
canceled by a crude oil tanker ban imposed by Ottawa.
Enbridge’s stock rose 32% during the decade that Monaco led Enbridge, compared to a 7%
decline in the S&P/TSX Energy Index over the last 10 years.
