Stan Marshall gets another job
Will continue as CEO of Nalcor; contract extended to completion of Muskrat Falls
Nalcor Energy CEO Stan Marshall has been appointed to the board of directors of Trans Mountain Corp.
The appointment was made effective June 1.
Marshall will remain as CEO of Nalcor Energy while taking on the new job with the federal Crown corporation.
“In my career as CEO, I have for many years also served as a director of other companies, both public and private. This is not unusual, especially for an experienced CEO. Serving as a director of a federal Crown corporation which is engaged in building a major project of national interest will in no way diminish my commitment to Nalcor or the Muskrat Falls project,” Marshall said in a statement.
“While I had expected to retire as CEO of Nalcor at the end date of my contract in April, with the uncertainty and disruption stemming from the COVID-19 pandemic, I have, with the encouragement of Nalcor employees, the government and the Nalcor board, agreed to extend my contract to see the Muskrat Falls project through.”
In May, Marshall announced an estimated $350-million to $400-million cost overrun with an additional four to 10 months added to the schedule for the Muskrat Falls project. The total cost of the project is now estimated at $13.1 billion, with a further accounting of cost and schedule expected by September.
In 2018, Marshall’s total compensation as Nalcor CEO was $602,800, with a base salary of $517,300.
The Muskrat Falls Inquiry was announced in November 2017. The final report, entitled “Muskrat Falls: A Misguided Project,” was released on March 10.
In 2011, Marshall was appointed to the board of directors of Calgary-based Enerflex, a global oil and gas company with operations in 15 countries.
Marshall spent 25 years as president and CEO of Fortis Inc. prior to his appointment as Nalcor CEO.
“Mr. Marshall is an eminently qualified chief executive officer and corporate director. He will add value to any board of directors. He is certainly well able to manage complex issues and schedules,” Natural Resources Minister Siobhan Coady said in a statement.
“Mr. Marshall’s contract has been extended to ensure the Muskrat Falls project is completed and well managed. He has been very effective in bringing that project under control.”
Opposition parties also wished Marshall success, but are wary of taking time away from his commitments to Nalcor.
“Stan Marshall is a well-respected energy expert and we are always proud to see fellow Newfoundlanders and Labradorians succeed on the provincial, national and international stage,” Tory natural resources critic David Brazil said in a statement.
“As long as Mr. Marshall isn’t in conflict with his role at Nalcor, we wish him continued success.”
New Democratic Party Leader Alison Coffin echoed Brazil’s sentiment.
“This was probably in the works before, when he expected to retire in April. This appointment was probably in the works — it takes a while for these things to happen,” she said.
“However, I have a high expectation that he not allow his new duties to interfere with the completion of his old duties. I will be watching for that.”