CALGARY, AB, March 18, 2021 /CNW/ – Inter Pipeline Ltd. (“Inter Pipeline”) (TSX: IPL) announced effective today, the retirement of Richard Shaw, Chair of the Board of Directors (the “Board”) and the appointment of his previously designated successor, Margaret McKenzie.
Mr. Shaw, aged 75, has served on the Board since 2009 and in the role of Chair since 2014. Inter Pipeline had previously disclosed his plan to step down as Board Chair at Inter Pipeline’s 2021 annual meeting of shareholders. However, due to a health-related matter, Mr. Shaw brought forward his retirement.
Ms. McKenzie has been a board member since 2015 and is currently the Chair of the Special Committee established by Inter Pipeline’s Board in February 2021, and a member of the Audit Committee and the Major Projects Review Committee.
“It has been a privilege to work with the talented team at Inter Pipeline,” said Mr. Shaw. “Together, we have created a world class energy infrastructure company, with a stable cash flow base and a bright future. I have every confidence in Margaret’s ability to guide Inter Pipeline through the next chapter of its development, including leading the strategic review process that is currently underway.”
“On behalf of the Board, I would like to thank Richard for his steady, reasoned guidance over the past 12 years,” said Ms. McKenzie. “We greatly value his contributions and his strong support of Inter Pipeline’s important growth project, the Heartland Petrochemical Complex, which is nearing completion and about to add significant shareholder value. We wish him well in his retirement and our thoughts are with him for a speedy and complete recovery.”
Ms. McKenzie has more than 30 years’ experience in the energy sector primarily in the areas of finance, accounting, compensation and corporate governance. She was the Chief Financial Officer and a founder of Range Royalty Management Ltd., a private entity focused on acquiring oil and natural gas royalties in Western Canada from 2006 to 2014 and the Chief Financial Officer of Profico Energy Management Ltd., a private exploration and production company, from 2000 to 2006. Ms. McKenzie has served on both public and private company boards since 2006. Ms. McKenzie holds a Bachelor of Commerce (Distinction) degree from the University of Saskatchewan and has been a Chartered Professional Accountant (CPA CA) since 1985. In 2013, Ms. McKenzie obtained her ICD.D designation from the Institute of Corporate Directors.
About Inter Pipeline Ltd.
Inter Pipeline is a major petroleum transportation and natural gas liquids processing business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and is building the Heartland Petrochemical Complex – North America’s first integrated propane dehydrogenation and polypropylene facility. Inter Pipeline is a member of the S&P/TSX 60 Index and its common shares trade on the Toronto Stock Exchange under the symbol IPL. www.interpipeline.com
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Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding the Company’s stable cash flow base and bright future, the timing for the completion of the Heartland Petrochemical Complex and the resulting increase in shareholder value. Such information, although considered reasonable by Inter Pipeline at the time of preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made and are subject to risks and uncertainties. Such risks and uncertainties include, but are not limited to, risks associated with operations, such as loss of markets, regulatory matters, environmental risks, industry competition, potential delays and cost overruns of construction projects, and the ability to access sufficient capital from internal and external sources. You can find a discussion of those risks and uncertainties in Inter Pipeline’s securities filings at www.sedar.com. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary note.
SOURCE Inter Pipeline Ltd.