Natural gas transporter TC PipeLines, LP (TCLP), Wednesday announced the resignation of Russ Girling as Chairman and Chief Executive Officer of TC PipeLines GP, Inc., the General Partner of the Partnership, effective March 1, 2010. Girling will continue to focus on his role as Chief Operating Officer of TransCanada Corp., the holding company of TC PipeLines GP.
The Omaha, Nebraska-based company said that Mark Zimmerman, the president and principal executive officer of the General Partner will be responsible for all the management activities previously handled by Girling.
In addition, the company has appointed Greg Lohnes Chairman of TC PipeLines GP, effective March 1, 2010. Lohnes has served as director of the General Partner since January 2007. He is also the Executive Vice-President and Chief Financial Officer of TransCanada Corp. since June 2006. Prior to June 2006, he was President and Chief Executive Officer of Great Lakes Gas Transmission Co.
Effective the same date, James Baggs has been appointed to TC PipeLines GP's Board of Directors. Baggs currently works as a Vice President for TransCanada Corp., responsible for its operations and engineering functions across North America. He has been with the company for 21 years.
In a separate release, TC PipeLines, LP said its general partner has declared a cash distribution of $0.73 per common unit for the fourth quarter of fiscal 2009, a 3.5% increase from the fourth quarter 2008 distribution of $0.705 per common unit.
The distribution is payable on February 12, 2010 to unitholders of record as of January 31, 2010.
TCLP is currently trading at $37.61, down $0.28 or 0.74%, on a volume of 97K shares on the Nasdaq.
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