HALIFAX, Nov. 21 /CNW/ - (EMA: TSX) The Board of Emera Inc. today announced plans for the transition of the Chair of the Board of Directors. Derek Oland has announced he will step down as Chair of the Board effective May 6, 2009, the date of the Company's Annual General Meeting. John McLennan, currently Chair, Nova Scotia Power Inc., will take over as Chair of Emera on the same day.
Mr. Oland, who has served as Chair since 1998, will continue as a Director of both the Emera and NSPI Boards until his retirement in 2010. Mr. McLennan will continue to serve as Chair of NSPI until his successor is appointed.
"Derek has led Emera from its inception in 1998 through today," said Chris Huskilson, President and Chief Executive Officer of Emera. "His superior leadership skills and vast experience have played a significant role in Emera's success over the last 10 years."
During his time at Emera Inc., Mr. Oland played a strong role in the growth of the Company. During this time the Company has expanded beyond its borders into new energy businesses: the acquisition of Bangor Hydro Electric, the establishment of Emera Energy Services, the development of Brunswick Pipeline, and investments in the Maritimes and Northeast Pipeline, the Sable Offshore Energy Project, Bear Swamp, and more recently, Lucelec and Grand Bahama Power Company in the Caribbean.
Mr. Oland is Executive Chair of Moosehead Breweries Limited, the largest Canadian-owned brewery. He has been a Director and Chair of the Board of Emera Inc. since 1998. He has also been a Director of Nova Scotia Power Inc. since 1992, when the Company privatized, and was Chair of Nova Scotia Power Inc. from 1995 to 2006. He has recently retired as Chair of the Board of The Johnson Corporation and Unifund Assurance Company and as a Director of Royal and Sun Alliance Insurance Company. A well-known business and community leader, Mr. Oland was named an Officer of the Order of Canada in April 2008 and was recently inducted into the Junior Achievement New Brunswick Business Hall of Fame. An active member of the community, he was recently appointed Chair of the G. Wallace F. McCain Institute for Business Leadership as well as Chair of the Imperial Theatre Capital Campaign.
Mr. Oland holds a BBA from the University of New Brunswick and is a graduate of Harvard Business School's Owner/President Management Program. In 1998, he received an Honorary Doctorate of Science from UNB.
Mr. McLennan is the former Vice Chair and Chief Executive Officer of Allstream Inc. (formerly AT&T Canada). Formerly, Mr. McLennan was President and CEO of Bell Canada, and served as Chair and CEO of BCE Mobile Communications, Inc. Mr. McLennan currently serves as a Director on the Boards of Amdocs Ltd., and Air Canada Jazz.
A Nova Scotia native, he has been a Director of Emera Inc. since 2005, and has been Chair of the Board of Nova Scotia Power Inc. since 2006. Mr. McLennan is former Chancellor of Cape Breton University.
He is a graduate of Clarkson University with a Bachelor of Science, Master of Science and Honorary Doctorate of Science degrees.
"John's leadership as Chair of the Board of NSPI has greatly contributed to the company's success over the last two years," said Chris Huskilson. "We look forward to his leadership at Emera as we continue to advance our growth strategy."
Emera Inc. (EMA-TSX) is an energy and services company with $4.8 billion in assets. Electricity is Emera's core business. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company, which together serve 600,000 customers. Emera also owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera has a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; a 7.4% interest in Open Hydro, and Emera Energy Services which manages energy assets on behalf of third parties. Visit Emera on the web at www.emera.com.