8-K

ENBRIDGE INC 8-K Report (Feb 27, 2012)

Filed February 27, 2012For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

This Form 6-K filing from Enbridge Inc. (ENB) on February 27, 2012, announces a significant leadership transition. Patrick D. Daniel, who has served as President & Chief Executive Officer since 2001, will retire on or before the end of 2012. Under Mr. Daniel's tenure, Enbridge experienced substantial growth, with its share price increasing by 250% and market capitalization growing from $6.8 billion to $30.1 billion. The company also announced the immediate appointment of Al Monaco as President and to the Board of Directors. Mr. Monaco, previously President of Gas Pipelines, Green Energy and International, brings over 30 years of energy industry experience and has been instrumental in executing major growth projects and expanding Enbridge's involvement in renewable energy. Mr. Daniel will continue as CEO to ensure a smooth leadership transition over the coming months.

Key Highlights

  • 1Enbridge Inc. announced CEO succession plans, with President & CEO Patrick D. Daniel set to retire by year-end 2012.
  • 2Al Monaco has been appointed as the new President of Enbridge Inc. and joined the Board of Directors, effective immediately.
  • 3Under Patrick Daniel's leadership, Enbridge's share price grew by 250% and its market capitalization expanded significantly.
  • 4Enbridge has a strong growth pipeline, with over $13 billion in secured projects for 2011-2015 and an additional $35 billion in opportunities through 2020.
  • 5The company has a growing involvement in alternative and renewable energy, with nearly 1,000 megawatts of generating capacity.
  • 6Al Monaco has extensive experience in various Enbridge business segments, including gas pipelines, major projects, and green energy.
  • 7The company emphasizes its commitment to long-term success through robust succession planning and a strong management team.

Frequently Asked Questions

While the filing announces Patrick D. Daniel's retirement as CEO, it appoints Al Monaco as President effective immediately and a member of the Board. Mr. Daniel will continue as CEO until his retirement, presumably to oversee the transition. The filing does not explicitly state who will take over as CEO after Mr. Daniel's departure, but Al Monaco's promotion to President suggests he is the intended successor.

During Patrick D. Daniel's leadership from 2001 to early 2012, Enbridge's share price grew by 250%, and its market capitalization increased from $6.8 billion to $30.1 billion. He also oversaw the company's expansion into renewable energy and secured a significant pipeline of growth projects and opportunities.

Enbridge has a robust future outlook, with over $13 billion in secured growth projects scheduled to come into service between 2011 and 2015. Additionally, the company has identified approximately $35 billion in new growth opportunities for the 2011-2020 period, indicating a strong commitment to continued expansion.

Al Monaco, the new President, has over 30 years of experience in the energy industry and has held various senior roles at Enbridge since 1995. His experience spans gas pipelines, green energy, international business, major projects, and gas distribution. He is credited with leading the execution of large growth projects and Enbridge's entry into the Canadian midstream natural gas business.