CALGARY, Sept. 4, 2013 /PRNewswire/ - The Board of Directors of Pembina Pipeline Corporation ("Pembina" or the "Company") (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."