CALGARY, Alberta, July 29, 2024 (GLOBE NEWSWIRE) -- 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.
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