Trans Mountain Corporation Announces Appointment of new Trans Mountain Board Chair
29 Julio 2024 - 3:30PM
The Board of Directors of Trans Mountain Corporation today
announced William (Bill) Downe’s retirement as Trans Mountain’s
Board Chair after six years of dedicated service and the
appointment of Dawn Farrell, Trans Mountain’s President and CEO, to
succeed him as Board Chair effective September 1, 2024. The Board
of Directors is undertaking a CEO succession process and will have
further announcements in due course.
The Board of Directors is highly focused on
overseeing the evolution of Trans Mountain from a successful 70+
year-old midstream pipeline company to a major economic trade route
opening new global markets for Canadian exports. Under the
leadership of Bill Downe, Dawn Farrell, the Board of Directors, and
the management team at Trans Mountain, the expansion project
entered commercial service on May 1, 2024. The Board of Directors
unanimously approved the transition of Dawn Farrell to Board Chair
in recognition of her successful track record at Trans Mountain,
her previous experience as Board Chair for other commercial
organizations, and her deep understanding of the Canadian energy
landscape generated over more than 40 years in the
industry.
“I thank Mr. Downe for all that he has
accomplished during his six-year tenure as Board Chair and wish him
all the best in his future endeavours,” said the Honourable
Chrystia Freeland, Deputy Prime Minister and Minister of Finance of
Canada. “I am pleased to welcome Mrs. Farrell into her new role as
Board Chair and I have every confidence that her successful track
record as President and CEO will serve her and Trans Mountain
well,” Freeland noted.
“We are pleased that Dawn Farrell has agreed to
continue with Trans Mountain in the role as Chair of the Board of
Directors,” said Steve Swaffield, Chair of the Board of CDEV, Trans
Mountain’s parent corporation, and a member of Trans Mountain’s
Board of Directors. “Dawn’s proven leadership and background
position her well in this new role. On behalf of CDEV, I also want
to thank Bill for his immense contribution to the company and its
success. It has been a pleasure and honour to work with Bill over
the last six critical years to bring the world-class Trans Mountain
Expansion Project into operation.”
The Board of Directors would like to acknowledge
Mr. Downe’s significant achievements over the last six years. He
worked in partnership with CDEV, reporting to Parliament through
the Minister of Finance, to ensure that this critical
infrastructure was completed for the benefit of all Canadians.
In addition to the expansion being a vital
infrastructure project for Canada, demonstrating global leadership
in responsible project development practices, it was completed with
unprecedented levels of Indigenous engagement and partnership. Ten
per cent of all workers on the expansion were Indigenous Peoples
and over 23 per cent of contract awards went to Indigenous
contractors resulting in more than $6 billion in Indigenous
spending during project construction. The economic impacts from
royalties and corporate income tax between 2024-2043 are estimated
at $55.2 billion in direct gross output, $24.3 billion in direct
gross domestic product (GDP), and $17.8 billion in wages.
“It has been a privilege to work with the
management team of Trans Mountain as they overcame unprecedented
challenges in completing the expanded system,” said Bill Downe.
“Dawn Farrell has been an extraordinary leader of this team in
achieving mechanical completion and delivering the first oil. By
creating real long-term value for our customers, she has positioned
the company for success. She brings the right balance of industry
knowledge, commercial experience, and commitment to excellence in
assuming the role of Board Chair in September.”
“I would like to thank all of the members of the
Board of Directors. It has been my good fortune to serve with them
all, and they have been tireless in their commitment to the company
and project completion. What I am most proud of, when I reflect on
my time on the board of Trans Mountain, is that we proved to the
world that Canada can develop big infrastructure with the highest
levels of safety, governance, environmental stewardship, and
sustainability while working hand in hand with impacted Indigenous
communities of this country. That is truly something we can
celebrate from coast to coast to coast,” continued Bill Downe.
History: William (Bill) Downe
served as CEO of BMO Financial Group from 2007 to 2017. He serves
on other corporate and non-profit boards and is also a Member of
the Order of Canada.
History: Prior to Trans
Mountain, Dawn Farrell served as President and CEO of TransAlta
Corp. from 2012 to 2021. Farrell previously held board positions on
the Business Council of Canada, the Conference Board of Canada, the
Alberta Business Council, Fording Coal, and Canadian Natural
Resources Limited (CNRL), and was also a member of the Canada-U.S.
Council for the Advancement of Women Entrepreneurs and Business
Leaders. Farrell is currently the Board Chair for The Chemours
Company, a member of the Board at Portland General Electric, and
Chancellor of Mount Royal University in Calgary.
Media Contact Trans Mountain Media Relations
(604) 908-9734 or (855) 908-9734 media@transmountain.com