Cenovus Energy Inc. today announced the appointment of Alex Pourbaix as president & chief executive officer and member of the board of directors. Pourbaix will start the role on November 6. He replaces Brian Ferguson, who announced earlier this year that he will be retiring from that position after 33 years with Cenovus and its predecessor companies. Ferguson’s last day as president & CEO will be November 2.
“On behalf of the board, I am pleased to welcome Alex to the Cenovus team. He has an impressive track record of value creation and a reputation as an outstanding leader who inspires and empowers teams to succeed while demanding accountability and results,” said Patrick Daniel, Cenovus board chair. “We also want to thank Brian for the commitment and leadership he’s shown in building Cenovus and laying the foundation for a strong future. We wish him well in his retirement.”
Pourbaix spent the past 27 years in a variety of leadership roles with TransCanada Corporation and its affiliates until he retired from that company in May of this year. In his most recent role as chief operating officer, he was responsible for the profitability and growth of TransCanada’s commercial businesses, including leadership of major commercial initiatives such as the development of the company’s power and oil pipeline businesses and responsibility for all of the company’s operations, development and construction activities. His experience spans corporate strategy, mergers, acquisitions and divestitures, trading and marketing, and stakeholder relations.
“I’m excited to be joining Cenovus. Given the quality of its assets and people, I believe there is an excellent opportunity to create significant value and realize the full potential of this great Canadian company,” said Pourbaix. “I look forward to working with the Cenovus team to deliver on the near-term commitment to reduce debt while continuing to focus on maximizing the value of the oil sands and Deep Basin assets, with the goal of increasing shareholder returns.”
Pourbaix earned a bachelor of law degree and a bachelor of arts degree from the University of Alberta. He is active in the community, having sat on the boards of numerous local charities and has worked for many years as a dedicated volunteer for the United Way. Pourbaix serves on the board of Trican Well Service Ltd. and is past board chair for the Canadian Energy Pipeline Association.