April 2016 saw a turning point in Herbert Stanley Marshall’s career and also a turning point for Newfoundland and Labrador’s energy history. Newly appointed Nalcor Energy CEO Stan Marshall, now in his mid-60s, has opted to postpone retirement and take on one of the greatest challenges in provincial history: accountability for leading the team that will maximize energy potential and get energy projects back on track in Newfoundland and Labrador.
With the oil and gas climate as it is today and the Muskrat Falls Project in overruns and off schedule, that will be no easy task. But this highly qualified Chemical Engineer, who also holds a Bachelor of Law from Dalhousie University, is confident it can be done.
Stan Marshall’s claim to fame was his successful path in the growth and profitability of Fortis Inc. Fortis is a leader in the North American electric and gas utility business, with total assets of approximately $29 billion and fiscal 2015 revenue of $6.7 billion, a product of the hard work and dedication of Stan Marshall. Fortis’s regulated utilities serve more than 3 million customers across Canada, the United States, and the Caribbean.
Under Stan’s vision of profitable growth through strategic acquisitions, Fortis’s regulated electricity and gas utility business grew in size and geographic diversity, and his accomplishments include the corporation’s expansion in western Canada through the acquisition of the Aquila electric utility in Alberta and British Columbia in 2004, the acquisition of Terasen Gas in British Columbia in 2007 and the acquisition of New York State utility Central Hudson Gas and Electric in 2013. That level of performance takes a leadership mindset. It means working with the end in mind and working back from there. It takes integrity, strong direction, and focus. It takes a powerful no-BS attitude, a lot of travel, endless late nights and weekends, crazy schedules, and very little down time. That’s what great entrepreneurs do!
Fortis utilities, including Newfoundland Power, employs more than 10,000 people through its power utilities and other lines of business. That business includes Fortis Properties and the management of hotels and commercial real estate across Canada, including prime real estate in downtown St. John’s. This level of business parallels well with Nalcor energy and its future potential and growth, making Stan Marshall a perfect fit for Nalcor Energy.
Retiring in 2014 from Fortis at the age of 64, Stan left his position as President, CEO, and Director of the Board of Directors of Fortis Inc. His career with Fortis spanned 35 years and he succeeded in a leadership role as President and CEO of Fortis for 18 years.
Energy Minister Siobhan Coady said, “Mr. Marshall brings a wealth of experience and knowledge. His accomplishments in developing Fortis into Canada’s largest gas and electrical distribution utility and extremely successful company are well known and celebrated. He grew the corporation’s total assets from less than $1.0 billion in 1996 to $18.6 billion. His leadership and expertise will help develop Nalcor, including the Muskrat Falls Project, for the benefit of the people of the province.”
Judging by his Curriculum Vitae, Stan Marshall is probably the most effective leader that Nalcor Energy could have attracted for the challenges of the day. It is a privilege to have a leader of his magnitude willing to guide, execute and mentor Nalcor Energy through unprecedented challenging times. It won’t be easy.
Every company that grows effectively has massive changes, breakdowns, and breakthroughs. Fortis success was not always a smooth ride and it presented monumental challenges as it attained annual goals and milestones. Success at Fortis meant long working hours, creative collaboration, acquisitions, many flights, working to maintain a deep understanding of potential growth opportunities, clearly defined internal operations, and harnessing the key people who could make things happen in the vast energy industry potential. Stan said, “Opportunity and challenge are at the opposite sides of the same coin.”
Clearly a man of great intelligence and wisdom, Stan Marshall’s performance speaks for itself. His tenacity and perseverance, along with the Nalcor team and the energy industry participants working in collaboration, can take Nalcor Energy to its full capacity. “It is a great honour,” Stan said, “but also a great responsibility to lead Nalcor at this very critical time in its development. You can be assured that I will lead Nalcor on a course that is in the best long-term interest of the people of this province.”
Everything happens for a reason and for the sake of our children and generations to come, I’m hoping that the reason leads to Offshore Newfoundland and Labrador oil and gas developments being even greater than that of the North Sea.
Today the Interim Board of Directors for Nalcor Energy is appointed, effective 5:00 pm April 26, 2016. The interim chair of the board will be Mr. John Green, Q.C., who brings significant experience in the oil and gas, electricity, mining and forestry and other Nalcor Energy board members include Donna Brewer, Heather Jacobs, Q.C., Dr. Chris Loomis and H. Stan Marshall (CEO of Nalcor Energy).
Not excluding the people of the province of Newfoundland and Labrador from the Nalcor Energy board, it is important to note that this is an “interim” board. It is a temporary board solution and the public will be invited to apply for board positions if desired.
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