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Gold/Mining/Energy : transcanada pipelines (TRP) -- Ignore unavailable to you. Want to Upgrade?

To: eyewatch who wrote (170)	7/17/1999 2:31:00 AM
From: Kitskid	Respond to of 292

southam.com - Watson quits as chief of TransCanada PipeLines - CALGARY (CP) - George Watson, who raised eyebrows this year by suggesting profit-hungry shareholders would have to be patient, is quitting as president and chief executive of TransCanada PipeLines Ltd. after six years at the helm. Watson oversaw the Calgary company's $12.3-billion merger with Nova Corp. last year and the subsequent cutting of 600 jobs. Watson said in April it would likely take more than five years before the company's stock recovered to the levels it traded at before the Nova merger. TransCanada shares, which had traded as high as $32 each, dropped to about $20 after the merger. On the Toronto stock market, they closed Thursday at $20.50 each, unchanged. For fiscal 1998, TransCanada reported $355 million in net income from operations, down 32 per cent from 1997. In a terse news release Friday, Canada's largest pipeline company said its board of directors has appointed Doug Baldwin to be interim chief executive, effective Aug. 1, while an international search for a new president and CEO is conducted. Baldwin is a former senior vice-president and former director of Imperial Oil, where he served for 40 years. He was elected to TransCanada's board of directors on April 30. Dick Haskayne, the former chairman of Nova Corp. who became TransCanada's chairman in June 1998, will head the company's executive management committee. Haskayne, who has been in the energy business for 39 years, said in the release the board has approved a new organizational structure "to support the company's strategic direction" and a new executive management team will be announced this month. TransCanada is a leading North American energy company with a $26-billion asset base supporting businesses in transmission, power generation, marketing, and midstream services. - ¸ The Canadian Press, 1999