CALGARY, AB, Feb. 4, 2021 /CNW/ - TransAlta Corporation
(TSX:TA) (NYSE:TAC) ("TransAlta" or the "Company") today announced
that Dawn Farrell, President and
Chief Executive Officer ("CEO"), will retire from the Company and
the Board on March 31, 2021, after
leading the company for almost a decade. John Kousinioris,
currently Chief Operating Officer ("COO") and President of
TransAlta Renewables Inc. (TSX: RNW) ("TransAlta Renewables"), will
succeed Mrs. Farrell as President and Chief Executive Officer and
will join the Board of TransAlta on April
1, 2021.
"Over the past decade, we've seen the electricity sector
fundamentally shift due to regulatory changes, increased
competition and technological advancement. I'm proud that TransAlta
has faced into these challenges and has been able to accomplish a
momentous multi-year transformation: from a primarily Alberta-based, coal-fired electricity company
into a leading clean and renewables-focused electricity company
spanning three countries, delivering growing cash flows, and
competitively positioned to take on the vast opportunities ahead of
the net zero economy," said Mrs. Farrell.
"Dawn has navigated TransAlta through the final stages of
electricity de-regulation in Alberta while also aggressively adjusting the
company's strategy to respond to major shifts in the regulation of
carbon. Through her strategic leadership, she has succeeded in
transforming TransAlta into a sustainable and renewables-focused
leader in the power industry," remarked John Dielwart, Chair of the Board of Directors.
"On behalf of all Board members, we thank her for her service and
leadership and wish her all the best in retirement."
"Executive development and succession planning are critical
responsibilities of the Board of Directors and today's announcement
is the outcome of a formal, comprehensive and thoughtful CEO
succession process that highlights the depth of TransAlta's
leadership," commented John
Dielwart. "John Kousinioris
has demonstrated outstanding vision and leadership. His prior
leadership roles have provided him with responsibility for almost
every aspect of our business and demonstrated his commitment to the
Company's long-term success. His strategic thinking, commercial
acumen, growth mindset, and people leadership skills will serve
TransAlta well in the years ahead. The Board is confident in
our unanimous choice of John as Dawn's successor and we look
forward to TransAlta's future under his leadership."
"I fully supported the choice of John as the next President and
CEO of TransAlta." said Mrs. Farrell. "John is the right leader to
deliver strong financial returns from our existing businesses and
to realize continued growth and success in what will be a very
exciting time in our industry as we look ahead."
"It has been a pleasure to work with Dawn. I've admired
and learned from her leadership, integrity and commitment to, and
vision for, TransAlta. We've worked closely together for over
eight years and, thanks to her active support of my leadership, I
am confident that we'll realize a seamless transition," said
John Kousinioris. "I'm excited
to lead TransAlta and to continue working with the entire TransAlta
team to meet the clean energy needs and objectives of our customers
through a focus on operational excellence and environmental
stewardship. Customers everywhere want low-cost, reliable clean
power and I'm looking forward to expanding our customer base by
meeting these needs while creating long-term sustainable value for
our shareholders."
As part of the transition, John
Kousinioris will be stepping down as President and as a
member of the Board of Directors of TransAlta Renewables effective
February 5, 2021. Todd Stack will continue as the Company's Chief
Financial Officer and will assume the role of President of
TransAlta Renewables. He will also join the Board of
TransAlta Renewables effective February 6,
2021.
Dawn Farrell has over 35
years of experience in the electricity industry, with roles at
TransAlta and BC Hydro. Before serving as CEO, Dawn held various
leadership positions at TransAlta and between 2003–2007 worked at
BC Hydro leading the company's generation business. She was
instrumental in the development of TransAlta's Wind and Renewables
business through the acquisition of Vision Quest Windelectric and
subsequently Canadian Hydro Developers Inc., which solidified
TransAlta as the leading independent renewables power company in
Canada. Dawn sits on the board of directors of The Chemours
Company, a NYSE-listed chemical company and the Business Council of
Alberta. She is also a member of
the Trilateral Commission and the Business Council of Canada. In July
2020, Dawn was named the first Chancellor of Mount Royal University. Dawn holds a Bachelor
of Commerce with a major in Finance and a Master's Degree in
Economics from the University of
Calgary. She has also attended the Advanced Management
Program at Harvard University.
John Kousinioris has held
various leadership positions at TransAlta including Chief Operating
Officer, Chief Growth Officer and Chief Legal and Compliance
Officer and has served as President and a director of TransAlta
Renewables since 2017. Prior to joining TransAlta, he was a
partner and co-head of the corporate commercial department at
Bennett Jones LLP. He has extensive experience in operations,
business development and commercial matters as well as securities
law, mergers and acquisitions and corporate governance. He is
Vice Chair of the Board of Governors of Bow Valley College.
John has a Bachelor of Arts degree in Honours Business
Administration from the University of Western
Ontario, a Master of Business Administration degree from
York University and a Bachelor of Laws
degree from Osgoode Hall Law School at York
University. John has also attended the Advanced Management
Program at Harvard University.
Todd Stack joined the
Company in 1990 and has extensive experience in capital markets,
finance, valuation, economics and the power industry. Todd
currently serves as the Chief Financial Officer at TransAlta and
previously served as the CFO for TransAlta Renewables. He is
an accomplished executive and has played a prominent role in the
IPO and growth of TransAlta Renewables over the past eight years.
Todd has a Bachelor of Science in Electrical Engineering from the
University of Alberta and a Master of
Business Administration from the University of
Calgary. He is a registered professional engineer in
Alberta and a Chartered Financial
Analyst (CFA).
About TransAlta:
TransAlta owns, operates and develops a diverse fleet of
electrical power generation assets in Canada, the United
States and Australia with a
focus on long-term shareholder value. TransAlta provides
municipalities, medium and large industries, businesses and utility
customers with clean, affordable, energy-efficient and reliable
power. Today, TransAlta is one of Canada's largest producers of wind power and
Alberta's largest producer of
hydro-electric power. For 110 years, TransAlta has been a
responsible operator and a proud community member where its
employees work and live. TransAlta aligns its corporate goals with
the UN Sustainable Development Goals and has been
recognized by CDP (formerly Climate Disclosure Project) as an
industry leader on Climate Change Management, having recently
achieved an A- score from CDP. For more information about
TransAlta, visit its website at transalta.com.
About TransAlta Renewables:
TransAlta Renewables is among the largest of any publicly
traded renewable independent power producers ("IPP") in
Canada. Our asset platform and economic interests are
diversified in terms of geography, generation and counterparties
and consist of interests in 23 wind facilities, 13 hydroelectric
facilities, seven natural gas generation facilities, one solar
facility, one natural gas pipeline, and one battery storage
project, representing an ownership interest of 2,537 megawatts of
owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New
Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western
Australia. Our objectives are to (i) provide stable,
consistent returns for investors through the ownership of, and
investment in, highly contracted renewable and natural gas power
generation and other infrastructure assets that provide stable cash
flow primarily through long-term contracts with strong
counterparties; (ii) pursue and capitalize on strategic growth
opportunities in the renewable and natural gas power generation and
other infrastructure sectors; (iii) maintain diversity in terms of
geography, generation and counterparties; and (iv) pay out 80 to 85
per cent of cash available for distribution to the shareholders of
the Company on an annual basis.
Forward-Looking Statements:
This news
release contains forward-looking statements within the meaning of
applicable securities laws. The use of any of the words "continue",
"may", "will", "propose", and similar expressions are intended to
identify forward-looking information or statements. More
particularly, and without limitation, this news release contains
forward-looking statements and information relating to the
Company's strategy and realizing future growth. These
forward-looking statements are based on a number of assumptions
considered by the Company and TransAlta Renewables to be reasonable
as of the date of this news release, and are subject to a
number of risks and uncertainties that may cause actual
performance, events or results to differ materially from those
contemplated by the forward-looking statements, which include:
changes in electricity market conditions; construction or
development risks; and other risk factors contained in
the Company's and TransAlta Renewables' respective Annual
Information Forms and Management's Discussion and Analyses for the
year end dated December 31, 2019,
filed under the Company's profile with the Canadian securities
regulators on www.sedar.com and the U.S. Securities and Exchange
Commission on www.sec.gov.
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SOURCE TransAlta Corporation