The Liberal government will be looking for a new CEO for its veritable Trans Mountain Crown corp. after the retirement of its chairman on Monday.On Monday, the company announced that William (Bill) Downe, who steered the $35 billion TMX project to completion earlier this year, will be stepping down effective September 1.Present CEO Dawn Farrell will succeeded him as of that date.In the meantime, the company is undertaking a CEO succession process to find a new chief executive to lead the company in a new era of oil exports off the West Coast of British Columbia..Downe previously served as CEO of BMO Financial Group from 2007 to 2017. He serves on other corporate and non-profit boards and is also a Member of the Order of Canada.“I thank Mr. Downe for all that he has accomplished during his six-year tenure as Board Chair and wish him all the best in his future endeavours,” said Deputy Prime Minister Chrystia Freeland, who is also Minister of Finance of Canada. “I am pleased to welcome Mrs. Farrell into her new role as Board Chair and I have every confidence that her successful track record as President and CEO will serve her and Trans Mountain well,” Freeland noted.Although the pipeline was purchased by the Liberal government in 2018, Trans Mountain Corp. is owned by the Canada Development Investment Corporation (CDEV) who also thanked Downe for his service and welcomed Farrell, who was previously CEO of Trans-Alta, to the board..It caps off a tumultuous period for the taxpayer owned pipeline expansion, which was finally completed this spring after 12 years of delays and more than $25 billion in overruns. The final price tag hasn’t been disclosed yet, pending final remedial work to the rights of ways, and a final tolling structure expected later this year.But it is already providing huge dividends to Canadian oil producers and the Alberta treasury by providing an outlet for 880,000 barrels per day of heavy crude to offshore markets. Already, cargoes have been contracted to China, Japan, India and US refiners on the West Coast.The economic impacts from royalties and corporate income tax between 2024-2043 are estimated at $55.2 billion in direct gross output, $24.3 billion in direct gross domestic product and $17.8 billion in wages.“What I am most proud of when I reflect on my time on the board of Trans Mountain, is that we proved to the world that Canada can develop big infrastructure with the highest levels of safety, governance, environmental stewardship, and sustainability while working hand in hand with impacted Indigenous communities of this country. That is truly something we can celebrate from coast to coast to coast,” Downe said.
