TC Energy Corp. announced Sept. 21 that long-time president and CEO Russ Girling will retire from his position, as well as the board of directors, effective Dec. 31.
François Poirier will succeed Girling as president and CEO and will join the board Jan. 1, 2021. Girling will assist Poirier with the transition through Feb. 28. Poirier currently serves as TC Energy’s chief operating officer and president of its Power & Storage and Mexico division,
“On behalf of all board members, I would like to thank Russ for his invaluable contributions to the company,” said Siim Vanaselja, chairman of the TC Energy board of directors. “Over the last decade, he has led TC Energy through a period of unprecedented growth and transformation, including the development of its liquids pipelines footprint, expansion of its Mexican natural gas pipelines business, the successful $13 billion USD acquisition of Columbia Pipeline Group and advancement of North American LNG.”
Vanaselja also praised Girling for delivering shareholder value and creating a culture of excellence with TC Energy during his tenure, with a focus on the safety of the company’s employees and the people in the communities where the company operates.
“It has been a privilege and honor to lead TC Energy over the past 10 years and to be part of the extraordinary TC team,” Girling said. “With the wisdom and guidance of the board and the skills and tenacity of our dedicated employees, we have accomplished many things, delivered the energy critical to millions of people safely and reliably every day, and created significant shareholder value. I am grateful for the opportunity and confident in how the company is positioned to prosper as global demand for energy continues to grow and transition in the years ahead.”
Vanaselja expressed confidence in Girling’s successor.
“Executive development and succession planning are important responsibilities of the Board of Directors,” Vanaselja said. “We are confident in our choice of François as Russ’s successor having seen first-hand his outstanding vision and leadership over six years at TC Energy. He has had exposure to all aspects of our business and consistently shown unwavering commitment to the company’s long-term success. His integrity, strategic thinking, commercial acumen and bottom-line focus will serve the company well in the years ahead.”
Girling supported the decision to have Poirer replace him.
“I have had the opportunity to work with François over the past six years at TC Energy and for almost two decades in his previous career as an investment banker in our sector,” Girling said. “I am confident in his commitment to our values and his tenacity and business acumen to lead the company as it navigates the changing energy landscape and continues to grow shareholder value.”
Poirier joined TC Energy in 2014 as president of the Energy East Pipeline. Prior to joining TC Energy, he spent close to 25 years in investment banking, where he ran JP Morgan’s North American Power and Pipeline Investment Banking business in New York and more recently, as founding president of Wells Fargo Securities Canada. During his career he advised TC Energy on matters of strategy, mergers and acquisitions and transaction execution on several occasions.
“I am looking forward to transitioning into this new role and am grateful to Russ for his leadership, discipline and vision,” says Poirier. “The company’s strong foundation positions it very well for the future, and I’m excited to lead TC Energy to continued success.”