Trans Mountain Corporation Announces Appointment of new Trans Mountain Board Chair

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CALGARY, Alberta, July 29, 2024 (GLOBE NEWSWIRE) — The Trans Mountain Board of Directors today announced the retirement of William (Bill) Down as Chairman of the Trans Mountain Board of Directors after six years of dedicated service and the appointment of Dawn Farrell, Chairman and Chief Executive Officer of Trans Mountain, to succeed him as Chairman of the Board effective September 1, 2024. The Board of Directors is currently in the process of a CEO succession and will have further announcements in due course.

The Board of Directors is focused on overseeing the evolution of Trans Mountain from a successful pipeline company of over 70 years into a major economic trade route that opens new global markets for Canadian exports. Under the leadership of Bill Down, Dawn Farrell, the Board of Directors and Trans Mountain management team, the expansion project entered commercial service on May 1, 2024. The Board of Directors unanimously approved Dawn Farrell’s transition to Chairman of the Board in recognition of her successful track record at Trans Mountain, her previous experience as Chairman of other trade organizations, and her deep understanding of the Canadian energy landscape developed over more than 40 years in the industry.

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“I thank Mr. Down for all he has accomplished during his six-year tenure as Chairman of the Board and wish him well in his future endeavors,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance of Canada. “I am pleased to welcome Ms. Farrell to her new role as Chairman of the Board, and I have every confidence that her successful track record as Chairman and CEO will serve her and Trans Mountain well,” added Freeland.

“We are pleased that Dawn Farrell has agreed to continue working with Trans Mountain as Chairman,” said Steve Swaffield, Chairman of CDEV, Trans Mountain’s parent company, and a member of Trans Mountain’s Board of Directors. “Dawn’s demonstrated leadership and experience qualify her well for this new role. On behalf of CDEV, I would also like to thank Bill for his tremendous contribution to the company and its success. It has been a pleasure and an honor to work with Bill over the past six years, critical to the operation of the Trans Mountain global expansion project.”

The Board would like to acknowledge Mr. Down’s significant accomplishments over the past six years. He has worked in partnership with CDEV, and reported to Parliament through the Minister of Finance, to ensure the completion of this vital infrastructure for the benefit of all Canadians.

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In addition to being a critical infrastructure project for Canada, demonstrating global leadership in responsible project development practices, the expansion was completed with unprecedented levels of Indigenous participation and partnership. Ten percent of all workers on the expansion were Indigenous, and more than 23 percent of contract awards went to Indigenous contractors, resulting in more than $6 billion in original spending during the project’s construction. The economic impacts from royalties and corporate income tax between 2024 and 2043 are estimated at $55.2 billion in direct GDP, $24.3 billion in direct GDP, and $17.8 billion in wages.

“It has been a pleasure working with the Trans Mountain management team as they have overcome unprecedented challenges in completing the expanded system,” said Bill Dawn. “Dawn Farrell has been an exceptional leader of this team in achieving mechanical completion and delivering 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, business expertise and commitment to excellence to the role of Chairman in September.”

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“I would like to thank all of our Board members. I have been fortunate to serve with all of them, and they have been tireless in their commitment to the company and to the completion of the project. What I am most proud of, when I reflect on my time on the Trans Mountain Board, is that we have proven to the world that Canada can develop significant infrastructure with the highest levels of safety, governance, environmental responsibility and sustainability while working alongside the affected Indigenous communities in this country. This is truly something we can celebrate from coast to coast to coast,” Bill Down continued.

date: William (Bill) Down served as CEO of BMO Financial Group from 2007 to 2017. He serves on the boards of other companies and non-profit organizations and is also a Member of the Order of Canada.

date: Prior to joining Trans Mountain, Dawn Farrell served as President and CEO of TransAlta Corp. from 2012 to 2021. Farrell previously served on the boards of the Canadian Business Council, the Conference Board of Canada, the Alberta Business Council, Fording Coal, and Canadian Natural Resources Limited (CNRL), and was a member of the Canada-US Council for the Advancement of Women Entrepreneurs and Business Leaders. Farrell currently serves as Chair of the Board of Directors of Chemours, a member of the Board of Directors of Portland General Electric, and Chancellor of Mount Royal University in Calgary.

Media Contact
Trans Mountain Media Relations
(604) 908-9734 or (855) 908-9734
Media@transmountain.com

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