TD's Take Event
Mick Dilger stepped down as President and Chief Executive Officer, and the Board
of Directors named Scott Burrows, current Chief Financial Officer, as interim Chief
Executive Officer.
Impact: SLIGHTLY NEGATIVE
CEO Search Process Underway: The Board will be working with a search firm to
identify and evaluate internal and external CEO candidates. Cameron Goldade,
currently Vice President - Capital Markets, has been appointed interim CFO. We
do not expect any additional near-term senior leadership departures.
Guidance Reiterated: Pembina reiterated its full year 2021 adjusted EBITDA
guidance of $3.3-$3.4 billion, and continues to expect to provide a fiscal 2022
update in early December that would introduce guidance and the capital budget.
Given the remaining senior leadership team's prior involvement in the company's
strategy and financial planning, we expect the organization to continue to focus
on its espoused purpose and priorities during the transition period.
Experienced Interim CEO but Timing Surprising: Under Mr. Dilger's
stewardship, Pembina grew from a $2.5 billion entity to an approximately $35
billion organization that has expanded its geography and scope of operations
significantly. Mr. Burrows has nearly 18 years of experience in the energy industry,
with 11 of those at Pembina.