TC Power Company’s board has appointed Sean O’Donnell, at the moment the corporate’s senior vice-president for capital markets and company planning, to succeed Joel Hunter as govt vice-president and chief monetary officer (CFO) efficient Could 15.
The appointment follows Hunter’s choice to depart the corporate to pursue one other alternative within the vitality sector, TC Power stated in a information launch Wednesday.
Hunter will stay with TC Power till July 1 to assist its 2024 strategic priorities, together with the supposed spinoff of South Bow, whereas working intently with O’Donnell to make sure a clean transition, the corporate stated. The brand new liquids pipelines firm, South Bow, will give attention to “enhancing the worth of its unmatched asset base by rising capability on underutilized parts of the system and rising connectivity to extra receipt and supply factors”, TC Power stated.
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In July 2023, TC Power introduced plans to spin off its liquid pipelines enterprise after a two-year strategic evaluate, saying it could possibly “higher execute” enterprise alternatives with two separate entities.
“All through his over 26 years with the corporate, Joel has been a valued member of the TC Power workforce, and a distinguished contributor to our success,” TC Power President and CEO François Poirier stated. “He has developed vital depth inside the CFO management workforce that may permit for a seamless transition and supply continuity as we ship on our priorities. We want Joel all one of the best in his subsequent alternative”.
“Sean’s wealth of vitality business expertise mixed together with his tenure in company finance and personal fairness, are in direct alignment with our strategic priorities”, Poirier famous. “Sean was introduced on to the TC Power workforce by a considerate expertise planning course of to boost our management capabilities and is a mirrored image of our deep bench power throughout the group. I’ve had the pleasure of working with Sean beforehand, and he’s an distinctive and extremely skilled chief who shares our core values”.
O’Donnell joined the corporate in November 2023 as senior vice-president for capital markets and company planning, the place he leads the finance, company planning and evaluations features inside the CFO group.
Previous to becoming a member of TC Power, O’Donnell served as an working associate of Quantum Capital Group, a number one energy-focused personal fairness agency. Throughout his 13 years at Quantum, he served on the agency’s funding committee and on the board of over a dozen Quantum portfolio firms throughout North America and Europe, overseeing investments within the upstream, midstream and liquefied pure gasoline (LNG) sectors, in typical and renewable energy crops, and in different vitality transition infrastructure investments, in response to the discharge. He additionally served because the CFO of Quantum’s first US impartial energy firm and of the agency’s LNG export facility in Mexico.
Earlier than becoming a member of Quantum, he was a managing director within the Energy & Utility funding banking group at J.P. Morgan.
Final month, TC Power Company introduced the sale of its Prince Rupert pure gasoline transmission entities to the Nisga’a Nation and Western LNG. A collectively owned subsidiary of the Nisga’a Nation and Western LNG LLC has entered right into a binding settlement with TC Power to amass all of its excellent shares in Prince Rupert Gasoline Transmission Holdings Ltd. and the restricted partnership pursuits in Prince Rupert Gasoline Transmission Restricted Partnership, collectively referred to as PRGT.
PRGT is an entirely owned subsidiary of TC Power and the developer of a pure gasoline pipeline challenge in British Columbia and a possible supply hall that might additional unlock Canada as a safe, reasonably priced and sustainable supply of LNG.
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