TC PipeLines LP (TCLP) announced that Russ Girling, Chairman and Chief Executive Officer of TC PipeLines GP Inc., the General Partner of the Partnership, will be resigning his positions with the General Partner effective March 1, 2010 to focus on his role as Chief Operating Officer of TransCanada Corporation.
Effective March 1, 2010, Greg Lohnes is appointed Chairman of TC PipeLines GP Inc. and James Baggs is appointed to TC PipeLines GP Inc.'s Board of Directors. Mark Zimmerman will continue in his role as President and as the principal executive officer of the Partnership, he will be responsible for all management activities previously handled by the CEO.
Lohnes has served as director of the General Partner since January 2007. His principal occupation is Executive Vice-President and Chief Financial Officer of TransCanada Corporation, a position he has held since June 2006. Prior to June 2006, he was President and Chief Executive Officer of Great Lakes Gas Transmission Company.
In a separate press release, TC PipeLines LP announced the board of directors of TC PipeLines GP, Inc., its general partner, has declared the Partnership's fourth quarter 2009 cash distribution in the amount of $0.73 per common unit. This cash distribution is equivalent to the third quarter 2009 distribution and represents a 3.5% increase from the fourth quarter 2008 distribution of $0.705 per common unit. This distribution is payable on February 12, 2010 to unitholders of record as of January 31, 2010.
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