– CANADA, Alberta – Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) announced today that Bob Michaleski, Pembina’s Chief Executive Officer (“CEO”), plans to retire at the end of 2013 after 35 years of service with the Company. The Board also announced that Mick Dilger, Pembina’s President and Chief Operating Officer (“COO”), will succeed Bob as CEO effective January 1, 2014, at which time, he will also be appointed to the Company’s Board of Directors. Mr. Michaleski will continue to serve as a member of Pembina’s Board of Directors.
“Bob has had a distinguished career at Pembina and has worked tirelessly on behalf of Pembina’s employees, customers and shareholders to deliver on our promises,” says Lorne Gordon, Chairman of the Board. “On behalf of the Board of Directors, management and Pembina’s employees, I’d like to thank him and recognize him for his role in creating the Pembina we know today. When Bob took over leadership, Pembina’s total enterprise value was $450 million and, at present, it is over $12.5 billion. Further, over his tenure, the Company’s annual shareholder return based on dividends and price appreciation has been an impressive 600 percent, representing a compound annual growth rate of approximately 16 percent, and total dividends paid to shareholders are approximately $2.5 billion.”
“Mr. Michaleski has overseen Pembina’s transformation from an Alberta-based oil pipeline company into one of North America’s leading integrated energy transportation and midstream service companies. The success of this transformation is, in part, due to Bob’s focus on developing talent and allowing emerging leaders, like Mick, the opportunity to steer Pembina towards new, value-added initiatives,” added Mr. Gordon.
Mr. Gordon also noted: “Mick, who has worked closely with Bob and the Board for many years, was identified early on in his career with Pembina as a potential candidate for the role of CEO due to his strong operational focus, business development acumen and leadership abilities. He was the driving force behind the development of Pembina’s midstream services in 2005 and his vision for the Company helped lead to the acquisition of Provident Energy Ltd. (“Provident”) in 2012. In his various roles at Pembina, Mick has also demonstrated his unwavering commitment to safe and reliable operations by implementing industry-leading programs and procedures designed to ensure Pembina maintains its social license to operate. We look forward to Mick joining the Board and working with both him and Bob during this transitional period over the next few months.”
Bob joined Pembina in 1978. He was appointed Vice President of Finance in 1992 and added the responsibility of Chief Financial Officer to his role in connection with Pembina’s initial public offering in 1997. Bob held the position of President and Chief Executive Officer from January 2000 until February 2012, when he transitioned the role of President to Mick.
“It has been an honour to have led Pembina over the past 14 years. I have been privileged to work with such a supportive and respected Board of Directors, a top-notch management team and fellow employees whose dedication and motivation inspire me every day,” said Mr. Michaleski. “The successes of our Company have truly been a team effort and I’m proud of what we have accomplished together. The future for Pembina has never looked brighter and I know the Company we have built is in the best of hands as I transition the role of CEO over to Mick and pursue retirement. Mick has the expertise, business skills and most importantly, the vision, to see Pembina into the future.”
Mick Dilger joined Pembina as Vice President, Business Development in 2005 – a role he held until 2008. In November 2008, he was appointed Chief Operating Officer and in 2012 he added the role of President to his portfolio. Mick has over 26 years of experience in the energy industry and has provided leadership in the areas of operational performance and improvement, strategic development, acquisitions and divestitures and finance.
“I am looking forward to all this role brings – both the opportunities and the challenges,” said Mick. “Through and after the change in leadership, it will be business as usual at Pembina and I am confident the future will look much like the past. As always, our main focus will be on ensuring the safety and reliability of our operations, while executing on our business strategy to help maximize long-term and sustainable returns for our shareholders.”
Stu Taylor, VP Gas Services, and Paul Murphy, VP Conventional Pipeline Services, have also been promoted to the newly created positions of Senior VP, NGL & Natural Gas Facilities and Senior VP, Pipeline & Crude Oil Facilities, respectively. This structure better reflects the bundled integrated services being sought by Pembina’s customers.
After 28 years of service with Pembina, Peter Robertson, the Company’s CFO, has advised that he intends to retire at the end of 2014.
Today’s announcement follows several key milestones for Pembina: including the successful acquisition of Provident and associated dividend increase in 2012 and 2013; record financial and operating results for the full year of 2012 and first two quarters of 2013; and the Company’s un-risked capital spending portfolio of approximately $6 billion.
About Pembina
Calgary-based Pembina Pipeline Corporation is a leading transportation and midstream service provider that has been serving North America’s energy industry for nearly 60 years. Pembina owns and operates: pipelines that transport conventional and synthetic crude oil, condensate and natural gas liquids produced in western Canada; oil sands, heavy oil and diluent pipelines; gas gathering and processing facilities; and, an oil and natural gas liquids infrastructure and logistics business. With facilities strategically located in western Canada and in natural gas liquids markets in eastern Canada and the U.S., Pembina also offers a full spectrum of midstream and marketing services that span across its operations. Pembina’s integrated assets and commercial operations enable it to offer services needed by the energy sector along the hydrocarbon value chain.
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