Enbridge has made a change to its top management as the company has found a replacement for executive vice president and chief financial officer Vern Yu. The company has looked no further than its own Patrick Murray, currently senior vice president and chief accounting officer. The appointment will take effect on July 1, 2023.
Enbridge noted that this appointment follows the decision of Yu, executive vice president of corporate development, chief financial officer and president of new energy technologies, to leave the company on June 30, 2023, along with his appointment as president and CEO of AltaGas
Murray joined Enbridge in 1997 and has held a number of positions of increasing responsibility within the finance group. He was appointed Senior Vice President and Chief Accounting Officer of Enbridge in 2020 and previously served as Vice President of Financial Planning, Analysis and Controller from 2018 to 2020, as Vice President of Financial Planning and Analysis from 2017 to 2018, and as Vice President of treasury from 2014 to 2017.
Enbridge added that Murray is a chartered accountant and holds a Bachelor of Commerce degree from the University of Alberta.
“Pat’s appointment demonstrates our investment in people development that allows us to build a deep bank of executive talent to ensure a smooth and seamless succession like this,” said Greg Ebel, Enbridge President and CEO.
“Pat is an excellent addition to the executive leadership team and his capital markets, investor relations and global corporate finance experience will serve the company well as we continue to advance strategic and growth for Enbridge. I wish Vern all the best in his new career. and thank him for his 30 years of service and commitment to Enbridge and its people,” he added.
The appointment follows the company’s posting of a profit of C$1.7 billion in the first quarter of the year, equivalent to $1.26 billion.
Speaking about the results, Ebel said it was a good start to 2023, with the company’s low-risk business model continuing across market cycles.
“Our first quarter results were in line with our expectations despite extreme volatility in the financial and commodity markets,” Ebel said.
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