TIVERTON, ON, Feb. 1, 2016 /CNW/ - Duncan Hawthorne announced to employees this morning that with a new long-term framework secured for the site and a stable eight-unit operation, he plans to retire from his role as President and Chief Executive Officer in 2016.
"When Bruce Power was created in 2001 our vision was clear – return the site to its full eight-unit potential and establish a long-term structure where the performance of the facility and its employees dictated its future," said Duncan Hawthorne, President and CEO of Bruce Power. "Together, through hard-work, dedication and innovation we have achieved this along with establishing a track-record of performance, proven leadership team and a strong reputation. This is the right time for me to transition from this role to allow a new President and CEO to be recruited and allow him or her the time to be in place before our next refurbishment in 2020."
The company will shortly commence a search for the new President and CEO and is in the process of selecting an external executive recruitment firm. While this activity is underway it will continue to be business as usual at Bruce Power, delivering on the company's role generating safe, reliable, clean and low-cost electricity for the people of Ontario.
"The time I have spent at the Bruce Power site has been the highlight of my career and I believe I am making this decision at a time that is right for my own personal circumstances and for the company," said Hawthorne. "Bruce Power has a strong and capable leadership team supported by a committed and talented employee group. Our performance is a clear demonstration of this and I have no doubt that the company will continue to grow and prosper under a new President and CEO."
When Bruce Power was formed in 2001, Duncan Hawthorne promised employees and the surrounding communities that they would never be surprised and could always count on the company to be transparent with important developments. Having always respected this commitment the announcement was made prior to any search commencing. Further details of changes will be provided in the coming weeks.
"Bruce Power has been transformed under the leadership of Duncan Hawthorne. The company now provides a stable, long-term source of electricity for Ontario families and businesses through its role in the Long Term Energy Plan," said Don Wishart, Chair of the Bruce Power Board of Directors. "While Duncan's presence will be missed, we have always known there would come a time when we would have to manage his succession. With this in mind, over many years, Bruce Power has built a robust organization with a long-term view, supported by a strong leadership team and a capacity within the organization that has proven to consistently deliver strong safety and operational performance," added Wishart.
In 2015, Bruce Power achieved record output for the site providing over 30 per cent of Ontario's electricity at 30 per cent below the average residential cost of electricity. This exceeded previous output records achieved in 1991, 2013 and 2014. In 2012, Bruce Power returned the site to eight-units of operation for the first time in nearly two decades. The company announced in December, 2015 that it had entered into an amended agreement with the Independent Electricity System Operator (IESO) to extend the life of the facility to 2064 through a multi-year life extension program. The first refurbishment as part of this life extension program is set to commence in 2020.
About Bruce Power
Bruce Power operates the world's largest operating nuclear generating facility and is the source of roughly 30 per cent of Ontario's electricity. The company's site in Tiverton, Ontario is home to eight CANDU reactors, each one capable of generating enough low-cost, reliable, safe and clean electricity to meet the annual needs of a city the size of Hamilton. Formed in 2001, Bruce Power is an all-Canadian partnership among Borealis Infrastructure Management (a division of the Ontario Municipal Employees Retirement System), TransCanada, the Power Workers' Union and the Society of Energy Professionals. A majority of Bruce Power's employees are also owners in the business.
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SOURCE Bruce Power
Image with caption: "Duncan Hawthorne, Bruce Power's President and CEO. (CNW Group/Bruce Power)". Image available at: http://photos.newswire.ca/images/download/20160201_C1842_PHOTO_EN_610004.jpg
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