Retiring Hydro boss Brennan defends record

Manitoba Hydro president and CEO Bob Brennan is stepping down after nearly 47 years of service at the Crown corporation, the public utility said Wednesday.

Brennan, who has headed the company as president and CEO since 1990, said Wednesday his decision had nothing to do with the upcoming provincial election on Oct. 4 and the part the controversial Bipole III power transmission line might play in the campaign.

The utility is in great shape, Brennan said.

"I'm happy with everything," he said. "But I'm telling you our utility in Manitoba is better than any other utility in the country. And any kind of performance measurement you want touse, we stack up great."

And he made no apologies for following the provincial government's decision to keep the line out of the forest in eastern Manitoba.

"That's a policy decision governments have the right to do," he said. "And you won't hear me writing letters to the editor or anything like that. If somebody makes a policy decision as a government, they have that right, and then they've got to be held accountable for it."

Brennan has worked his entire career at Manitoba Hydro, where he has also served as senior vice-president offinance and administration, and chief financial officer.

In that time, Brennanfacilitatedthe acquisitionsof Centra Gas, Winnipeg Hydro and the purchase of the DC line and converter equipment from the Government of Canada.

He also oversaw the construction of Manitoba Hydro Place, the corporation's 23-storey, energy-efficient building on Winnipeg's Portage Avenue. The$300-million building, which took 3 years to complete, uses geothermal heating and radiant cooling that makes it one of the most energy-efficient office towers in the world.

It opened its doors in late 2008.

"Bob Brennan has dedicated his professional life to Manitoba Hydro and this province," Hydro board chair Vic Schroeder said in a statement.

"We are aware that replacing such an outstanding and visionary leader will be a challenge. But thanks to Bob's leadership, Manitoba Hydro is well positioned to handle the transition.

The corporation is moving into a new phase of its history as we embark on new infrastructure and export initiatives, and so the timing for new leadership is suitable."

The boardwill be conducting an international search with an executive search firm in identifying candidates for the CEO position, Schroeder said.

The search will take several months and the board anticipates the process and a new appointment will be completed in early 2012, he added.

Brennan has told the board he willremainon the jobuntil asuccessor is found.

"Manitoba Hydro is essential to the economy of this province," Schroeder said.

"This is going to be a thorough and measured process. It will require a detailed search to make sure we get the right person for the corporation and the province."