Nalcor CEO Announces Organizational Changes

June 15, 2016, St. John’s, NL– Stan Marshall, CEO, Nalcor Energy, today announced changes to the company’s executive structure.

“Since taking on the role of CEO of Nalcor Energy, I’ve been assessing the company’s operations and existing executive structure and feel changes are required to put greater emphasis on our company’s priorities,” said Marshall. “These priorities are to ensure successful completion of the Muskrat Falls Project; to prepare the provincial electricity system for integration of Muskrat Falls power; to have clear separation and focus on our regulated business (Newfoundland and Labrador Hydro) from the remaining unregulated business operations while continuing its commitment to providing safe, reliable electricity to our customers.”

Nalcor’s regulated utility, Newfoundland and Labrador Hydro (Hydro), will become a separate business unit to ensure a distinct separation from unregulated activities. Effective June 28, Jim Haynes will return, on a contractual basis, to take on the role of President, Newfoundland and Labrador Hydro. Mr. Haynes retired from Hydro in April 2013 as the executive responsible for Hydro after 35 years of dedicated service with the company. His experience and expertise will be invaluable as Hydro continues to work to provide safe, reliable, cost-effective electricity service to the people of this province.

The Muskrat Falls Project will be divided into two separate components – Power Supply and Power Development. Power Supply will encompass all transmission related activities for the project including the transmission line from Churchill Falls to Muskrat Falls, the Strait of Belle Isle marine cable crossing, the Labrador-Island Transmission Link and associated electrical infrastructure. Power Development will encompass the completion of the hydroelectric generating facility at Muskrat Falls including the powerhouse and spillway components.

Gilbert Bennett, current Vice President of the Lower Churchill Project, will become Executive Vice President, Power Development, focusing solely on the development and completion of the generation components of the Muskrat Falls Project in Labrador.

John MacIsaac, current President of Newfoundland and Labrador Hydro, will assume the position of Executive Vice President, Power Supply with priority focus on the completion and commissioning of the Labrador Transmission Assets, the Strait of Belle Isle marine cable crossing, and the Labrador-Island Transmission Link. Mr. MacIsaac also has responsibility for the integration of Muskrat Falls to the current electricity system and is executive lead for the Churchill Falls operation.

Derrick Sturge will continue in his role as Chief Financial Officer as he becomes Executive Vice President, Finance. Mr. Sturge will strengthen financial oversight of the Muskrat Falls Project while continuing to manage the financial operations of Nalcor’s unregulated operations.

The remaining lines of business are encompassed under Corporate Services and Offshore Development resulting in five executive vice presidents reporting into the President and CEO.

Jim Keating, currently Vice President of Nalcor’s Oil and Gas line of business, becomes Executive Vice President of Corporate Services and Offshore Development. Mr. Keating will remain responsible for Nalcor’s Oil and Gas business while becoming the executive lead for Bull Arm Fabrication, Energy Marketing, and the company’s corporate services, including Human Resources, Safety and Environment, General Counsel as well as Corporate Communications and Shareholder Relations.

All other existing Vice Presidents continue in their current capacity and as part of the leadership team reporting to one of the executive vice presidents or in the case of Hydro, to the President.

“I’m confident these changes will clearly focus the company’s attention on our areas of key risk and allow us to deliver on our commitment to provide safe, reliable, cost-effective electricity service to the people of this province,” added Marshall.

Stan Marshall will be available to discuss these changes with the media today at 2:00 p.m. in the Main Lobby, Hydro Place, 500 Columbus Drive.

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Media Contact:

Deanne Fisher
Corporate Communications and Stakeholder Engagement t: 709.733.5299
c: 709.697.3418
e: deannefisher@nalcorenergy.com

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