The Board of Directors of Manitoba Hydro is announcing today that Robert B. Brennan, President and Chief Executive Officer, has indicated he will retire after nearly 47 years of service at the Crown Corporation. Brennan has worked his entire professional career at Manitoba Hydro, where he has also served as Senior Vice-President, Finance and Administration and Chief Financial Officer. His tenure as President and CEO began in 1990. Since his appointment, Brennan has overseen significant growth as Manitoba Hydro fulfilled its mandate to provide affordable and reliable energy to Manitobans in every corner of the province. He leaves office as the corporation experiences its strongest financial position in its history.
Among his many accomplishments, Bob Brennan has been instrumental in strengthening Manitoba Hydro’s relations with northern Manitoba communities, establishing profit-sharing agreements with Aboriginal peoples, increasing energy exports, introducing one of the most successful demand-management (Power Smart) programs in North America and building one of the most environmentally-responsible commercial buildings in the world – the corporation’s headquarters in downtown Winnipeg. Brennan also facilitated important acquisitions over the years, including Centra Gas, Winnipeg Hydro and the purchase of the DC line and converter equipment from the Government of Canada.
“Bob Brennan has dedicated his professional life to Manitoba Hydro and this province,” said Manitoba Hydro Board Chairman Vic Schroeder. “We are aware that replacing such an outstanding and visionary leader will be a challenge. But thanks to Bob’s leadership, Manitoba Hydro is well positioned to handle the transition. The corporation is moving into a new phase of its history as we embark on new infrastructure and export initiatives, and so the timing for new leadership is suitable.”
The Board of Directors are taking a broad approach in this process and will be conducting an international search with an executive search firm in identifying candidates for the CEO position.
“We are looking for a CEO who can keep Manitoba Hydro on a sound financial footing as the corporation undertakes a capital expansion program and pursues new export contracts, while protecting the environment, building stronger relationships with Aboriginal communities, maintaining among the lowest energy rates in North America and continuing to provide the high quality of customer service Manitobans have come to expect,” Schroeder said.
Brennan has indicated his willingness to stay on as President and CEO until a suitable successor is found. The search to replace Brennan will take several months and the Board anticipates the process and a new appointment will be completed in early 2012.
“Manitoba Hydro is essential to the economy of this province,” said Schroeder. “This is going to be a thorough and measured process. It will require a detailed search to make sure we get the right person for the corporation and the province.”
Brennan also serves as a director on the boards of the Canadian Electricity Association and the Canadian National Institute for the Blind, where he is honorary chairman of the CNIB Winnipeg Visions Luncheon. He is director and treasurer of Hospice and Palliative Care Manitoba, long-term director and chair of the board for Riverview Health Centre Foundation, and a member of the board of the Manitoba Museum. A chartered accountant, Brennan has been elected a “Fellow of the Chartered Accountants” by the Manitoba Institute of Chartered Accountants.
