(Bloomberg) -- Enbridge, the Canadian pipeline giant, named Greg Ebel as its next chief executive officer.
Ebel will take over from Jan. 1 from Al Monaco, who will retire, the company said Monday in a statement. Ebel will step down from his current position as chair of the board of directors and Enbridge will choose a replacement.
The new CEO will take over at a time when Enbridge is facing multiple legal battles over Line 5, a key conduit for supplying oil to refineries in the US Midwest and Canada, following the completion of the also controversial Line 3 replacement project. The company is also expanding its position in wind, solar, hydrogen and carbon capture as part of an effort to survive the energy transition.
Ebel is the former CEO of US pipeline company Spectra Energy Partners LP, which was acquired by Enbridge in 2018 for $7.2 billion. He also holds board seats at companies including Mosaic Co. and Baker Hughes Co.
Enbridge, which is North America’s largest pipeline operator by market value, has gained 35% in local currency since Al Monaco took over in 2012. Its Canadian shares rose 2.2% as of 11:12 a.m. Eastern time.
(Updates with context on pipeline legal battle in third paragraph.)
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