CALGARY, AB, Nov. 28, 2022 /CNW/ – The Boards of Directors of Tidewater Midstream and Infrastructure Ltd. (“Tidewater Midstream”) (TSX: TWM) and Tidewater Renewables Ltd. (“Tidewater Renewables”) (TSX: LCFS) announced today that they have appointed Robert Colcleugh as interim Chief Executive Officer of both companies, effective November 28, 2022. Mr. Colcleugh, who currently serves as a Director of Tidewater Midstream, succeeds Joel MacLeod, who is stepping down from his management and board roles to pursue other opportunities.
Mr. Colcleugh brings significant oil and gas management expertise as well as broad business and capital markets experience to the leadership roles. Thomas Dea will serve as Chairman at Tidewater Midstream and Mr. Colcleugh will serve as Chairman of Tidewater Renewables with Brett Gellner continuing to serve as Lead Independent Director of Tidewater Renewables following Mr. Macleod’s departure.
“The business outlook remains strong and both companies are well positioned for continued success,” said Mr. Dea, Chairman at Tidewater Midstream. “Under Mr. Colcleugh’s leadership, the companies will continue to execute their respective business plans while ensuring they maintain a strong culture of safety, further strengthen their balance sheets, and create value for all constituents. With his significant industry experience and knowledge of the Tidewater business, we have the utmost confidence in his ability to lead the teams and generate shareholder value.”
“I am proud to be leading such exceptional and dedicated teams at Tidewater Midstream and Tidewater Renewables. Their strong focus on safety, customer service and operational excellence has provided a solid foundation for our future,” said Mr. Colcleugh. “I am excited to build on our success and thank the Boards of Tidewater Midstream and Tidewater Renewables for their confidence during this period. We will continue to focus on building a profitable, diversified midstream and infrastructure company at Tidewater Midstream. At Tidewater Renewables, we will continue to deliver on our commitment to supply North America with low carbon intensity fuel solutions at scale. I look forward to delivering for our valued customers, partners, and shareholders.”
Mr. Colcleugh has been a Director of Tidewater Midstream since May 25, 2017. Over the last 25 years he has held a variety of operational, advisory and board roles at a broad array of domestic Canadian and international energy companies and investment banks.
“I am proud of everything the teams have built at Tidewater Midstream and Tidewater Renewables and have been honoured to work with them,” said Mr. MacLeod. “Under Rob’s and the senior management’s leadership, I know a bright future is in store at Tidewater.”
“On behalf of the Boards of Directors and the teams at Tidewater Midstream and Tidewater Renewables, I would like to thank Joel MacLeod for his years of service to both companies,” said Mr. Dea. “We wish him the very best going forward.”